These are in no particular order:

LMS's must have:

1. server stability. If it is always crashing or slowing down, teachers/students won't use it.

2. intuitive administrative tools. It should be really easy to use.

3. stable company. If the LMS delivery company goes out of business, what's the point of having that specific LMS

4. successful beta tests. The LMS should be well established and have been tested by many other users...it should be streamlined.

5. affordable. Schools are broke. LMS's should be affordable

6. multifaceted file types. Teachers should be able to upload many different types of files without any problems

7. file locker. Teachers should be able to store their files online for easy access from one year to the next.

8. easy login. I know this sounds dumb, but there should only be one login page and then the student can go directly to the content. Many times I've felt as though I've had to navigate two ro three pages before accessing the course page.

9. modification/personalization. A LMS should be able to be modified to look and feel exactly like a teacher wants it to.

10. huge file upload sizes. Teachers and students should be able to upload massive files (in the GBs) with relative ease.