Would be nice to touch a button in the terminal display to reset the Arduino. Opening and closing the serial window does this already due to the serial port open causing a reset via the DTR signal. What I'm suggesting is that you have a button that will quickly close and reopen the serial port, thereby causing the same reset the boot load process does.
All things considered, I'd rather see the IDE support a user-selectable external terminal emulator. It shouldn't take much more than a signaling standard for shutting it down when a new sketch is uploaded.