Karb, I love the initiative ^^ I love my NPC but hate how limited it is ><.
I would love to see an equipment screen. I think that would be a nice little boost to the economy and even coax a few more players into crafting. Currently, I have to limit my NPC leveling based on the right family of mobs so I don't mess up my gear progression... it's frustrating! I'd rather gear it up out of my own pocket and take it out leveling somewhere where I can farm/skill myself at the same time.
Going beyond that, I think new text commands to better control it's behavior would be sweet. /npcws "Fast Blade" <bt>. /npcma "Cure IV" <me>. This may be too much to ask for... but it would be sweeeet ^^