First, I'd just like to state I use ASDF hotkeys. What that means is a is back, s is forward, d is strafe left, and f is strafe right. Touch typing. So, I dunno about you default WoW players, but it's beyond easy for me to hit "Alt-Z". If you've never hit that key, that just means it removes the GUI/HUD from the game. I highly suggest you check it out if you've never used the hotkey before.

Alt - Z needs to change:
It should remove the World Map (Default M?)
If you hit "Esc" /escape and then hit Alt-Z to bring back the HUD you shouldn't see the Menu.
Why doesn't the advanced Floating Text appear, but the default one does?
They removed the bar life things above a player's head a few patches ago. This is good and bad in a number of ways. The biggest one I see is that I have no idea what the player might be casting at times.
When you hit Alt-Z a few times, why does it remove some of the floating text early? (I could just be seeing things, but it seems that way to me)

As of the current patch Alt-Z only shows names and floating text.

Colored names should be changed:
Once again back to Alt-Z, it's really hard to tell who you're attacking. While yes, you can turn off A.I., enemy player, and team names and only your target's name would appear, this just isn't fair. A player using an Orb of Deception(Rare), eat a fish(boo I'm a vegetarian AND Alliance), or become the SkuLL GoD/DeSS could easily crush you before you know what's up. This is not Red vs Blue. If anything change a red and or yellow name to something different when you've got them selected. Plz change your own color when you select yourself.

Speaking of which the bar life above a player's name could be changed in color too to make it easier to tell who you've got selected.

While Alt-Z is still highly useful, it does leave much room to be desired. Either make it so you can customize it or even better, make a third HUD which gives extreme control over it. The biggest complaints I've got is I cannot tell my life, the enemy life, or see their casting bar. Maybe even tell if they've got a target while you're at it.

When you have a target, maybe make it tell what the target is(Warrior, Warlock, etc)? Maybe show an icon or maybe even an option to remove their name and replace it with their class. Target of target could also be good :p

Shift, Control, Alt should be able to be put anywhere on the keyboard. It's just not fair hotkey placement AT ALL.

Why are names SO MASSIVE? You've got titles, guild, and some of the largest pet names I've ever seen. Oh well you'll only see Iceiyian on me :p

ICONS:
Alt-Z was changed to removed icons. Either some people complained when they got an icon above their head or more likely they wanted Alt-Z to remove pretty much everything like it is now. Some options I'd like to see if you've got an icon above yourself: The icon shows on your player's life bar maybe on your face or around it. Either you can see through the icon or remove it from the top of your head and only show it on the life bar. Icons shouldn't be allowed on enemy pets(warlock/hunter). I've never tested on their bunnies, dogs, frogs, whatever other pet they got(Interesting, I'll have to check that). It's just not fair to those classes to have this giant skull above their pet's head.

When you're not in a group, you should be allowed to use icons at will. This would just help in so many ways I don't see why it isn't default. This would boost leader/tanks IMHO. Then again I use hotkeys, but whatever.

Strafe Jumping. *Wishful Thinking*