1) performance, including multi-sheet setups, should be better than the current Macros.
For maintainability reasons, in one personal experience, I moved in-cell macros to VBA, and saw significant degradation in performance (my excel was calculating financial instrument attributes, based on raw input data (store in separate workbook with the same sheet)).
So my ask would be that Python-based scripting would not just be the same as VBA in speed, but faster than in-cell macros.
2) There needs to be easy-to-use capability, to be able create XLS files with the new language macros, from within other programs.
So that the new Python modules can be written out together with data from within other programming languages (and MS-supported libraries to replace or augment something like openpyxl, and similar libs for other langauages will be much welcomed)
3) I think Python as a choice for Excel is a good idea. It should be a language with 'duck typing', and that has support for Data Frames, Reactive programming. And in that light, I would like to see that Python's Pandas are first class citizens in being able to address Excel cells, participate in graphing, pivoting, etc.
4) Version control within the excel file... may be this is going beyond the original ask... but I think the spirit of introducing Python into excel, is around better SDLC/reusability. And so local and remote version control models should be supported.
5) I personally do not care if other MS Office tools (eg MS word) support Python. Would be nice.. but for my needs, this is not relevant.
6) a type-checking mode to be able to say, this Module will type check the data it uses... at run time.