So far I've really enjoyed it but what I would really like to see is the ability to zoom out a bit more

Is there anyway to watch the game your friends are watching? I would love to jump in watching a featured game with my friends but its not on my featured list

Few minor things I noticed:

Bugs:

• Wards not in bushes sometimes appeared at full opacity (instead of the usual 50%) despite being hidden. This seemed to be very inconsistent and relatively rare so sorry that I can't really give more details.
  
• While in Directed Camera tapping a hotkey for someone's name causes inconsistent behavior; sometimes it only focuses that person for 5 seconds before going back to DC (which I believe is the intended behavior), sometimes it focuses them completely (which seems like it should only happen if you double tap). And sometimes tapping a key (for the 5 second focus) and then trying to use the drop-down menu to select a mode causes it to bug out and ignore some/all names/modes you try to select.
  
• Game I'm watching while typing this just completely froze (the program froze, not lag, or so it appeared) for ~15 seconds. First time its happened to me in the game, but I am running w8 consumer preview.

• Magic shields (such as Morgana's Black Shield) is almost identical in color to the purple team's health bars.
  
• Functionality of space bar while using Directed Camera seems very confusing and inconsistent.
  
• Not being able to rewind to before you started spectating the match is slightly disappointing. But the amount of code work that would be required to change this (saving replay data server-side in real time) seems like too much to make this very minor feature worthwhile.
  
• Slowing down the action makes many of the animations surprisingly jerky. Surprising because I don't recall them being this stilted when using LOLReplay's slow down feature (but I could be wrong, been a while since I used it).
  
• Minor tweak; click on the character portraits on the bottom middle window should redirect camera to that person like it does on the sides.
  
• Retreat pings should be slightly tinted for each team, its impossible to tell which team pinged the retreat currently.
  
• No Dom/TT games ever on featured streams?
  
• Personally would like to see those new, mini half-circle exp bars that show on your character to show on everyone in Spectator.
  
• Gold floating text probably should be outlined in blue/purple to better indicate who obtained it. (Possibly apply this to other floating text?)
  
• Might want to have mousing over a champion's skill (either from the side portraits or the bottom left stat window) display the range indicator for that skill around the champion.
  
• Spectator pings appear to be blue; might want to change them to be distinguishable from Blue team's pings.
  
• Maybe right-clicking on a item's icon should pull up the item's build path/upgrade tree?
  
• Announcer has a strange/funny tone of voice when saying "Purple team's turret has been destroyed." (lol)

Something that i find a little annoying is that i can hear the *chat-sound* the constant *tick-tick* but i can live with it i guess

Havent found a major Bug yet,the directed camera is nice,tho sometimes does weird things

Like,bot a close fight between both teams,and it switches to top Vladimir killing a minion with no one else around O.o (yes i am sure i didnt press any buttons to switch etc !)

A spectator chat would be really nice!!

I have to enter,exit, re-enter, exit. re-enter, about 5 times over just to get the "Whole" screen. Spectator mode will sometimes leave me a "portion" of the game...the top left portion.

General:
Please let us view in-game chat.
Please give us a lobby for people spectating so we can comment between ourselves.
Give us the option to disable direct spectating. Sometimes I don't want to be watched, whether it's because I'm having a bad day or because I'm streaming. I understand people could still watch the other people playing with me, but it would at least reduce the amount of people that could watch.
Make the delay 5 minutes instead of 3. This reduces the ease of cheating for counterjungling buffs. This may not make a difference at high elo play, but at mid to low elo where warding enemy buffs/using common sense isn't common, it can make a LOT of difference.
Sometimes the auto-camera focus weird things, as mentioned many times already. I've just turned it off for that reason, but it's worth investigating.

Featured:
Let us see names before having to hover over. I understand why you did this (read a red post about it), but I still feel like it's clunky and annoying.
Let us filter by champions if possible. For example, if I want to learn Lee Sin, let me search for Featured Games that have Lee Sin in them.
Include more elo ranges and let us select them. If I want to improve my 1400 play, let me watch 1400-1600 games. People don't make all the same mistakes in 1900-2000 that they do in 1400. :\
Let us have the option to only see games before a certain time point (5 minutes would be my ideal). Most of them are currently 10-15 minute range, and by that time you can already have missed 3-8 kills at least, and definitely have missed first blood.

Perfect. I applaud you Riot.