I think the core note taking is pretty solid, what do you think they should be doing instead? I do think search can be improved, as well as keyboard centric flows and native pdf annotations. But aside from polishing, is there much missing from the app core features?

I think the app might be complete and that's not a bad thing. Obsidian doesn't need to become Notion.

They probably have lots of ideas for new products. They could start working on a follow up product or service.