I'm sure one will be along in the next year or so, but a nice Cree based light in a poly 4xAA form factor with a soft clickie such as the UK eLED. But I'd want it to be just as dim as before, but with a lot longer runtime and hopefully more consistant LED tint.
I could also go for the original CMG Infinity and Infinity Ultras with SMJLED or THC3 LEDs installed and with a polished reflector.
I don't think I've ever owned a 2xAAA Maglite but my mother in law has one. I house-sit for them somewhat regularly and I have to admit, everytime I'm at their house, I play with the little thing. I never did get around to getting an SMJLED kit for one, but back when I did a lot more modding, I drilled out the reflectors and put sanded Nichia CS LEDs or sanded Peak Snow29 LEDs in them. But crazy bright, but usable and for some reason, nurses LOVE that 2xAAA form factor.
If they do update them to LED, I hope they don't make the light much longer and hopefully, they'll dim it down to a reasonable level where it puts out maybe 10 lumens and gets decent runtime.