First of all, I think everyone who purchases pets and pet cards with credits and cash would agree that such pets should have their schools either selectable upon recieving or should be for all schools. That is to say that instead of having talents for say myth school attack percent increase they should instead have a generic attack percent increase for all school attacks. If not then the buyer should be able to pre-select that all talents on the pet should be of a specific school type. A lot of people ran out and bought Wizard101 gift cards for the pets and then found out they couldn't use them cause they did not fit in with their school, net result is that a lot of people won't be buying additional gift cards for pets as they feel ripped off by the pet system.
Now we come to the next part. It takes a long time and effort and/or credits to take a pet to epic and there is a large number of people claiming that it isn't worth it as the pets draw useless and selfish talents. So what I would like to see is that upon reaching acient and recieving their last random pet talents, pet owners should then be able to see all the talents the pet could have drawn but never, and then get one free talent pick on each pet talent side (one on the skills side, and one on the pet racing side). This means after all that work and ending up with a selfish pet, the owner can now be able to better put such draws at use. Pets would then have two talents more than they currently have now, one on each side but given the 1000 additional training points from ancient to epic, and that epic pets should really be something special, I think it is quite reasonable and justified.
I also favor being able to stitch a pet into any other pet image type, the same as you can stitch your outfit. Additionally, all animal mounts should allow a person's pet to be stitched into the mounts appearance without destroying the mount in the process.
The only other idea I have is that characters could be allowed to reroll a pet talent they hate for a sizeable amount of gold and/or the equivalence in credits. Upper level characters would then have an incentive to play more to gather gold, in hopes of rerolling their favorite pet just right.