WiFi - we've also had reports about that, but all of our phones work fine with wifi.
Bluetooth - I haven't tried any phone-to-phone connections, but it does work with my hansdfree kit. I'll look at the other profiles.
Flashlight toggle - pretty low priority, but worth looking into. I keep the Torch widget on one of my screens for toggling.
Smiley button - and, related, .com button - These appear to require some Touchwiz-specific customizations. We don't currently have any plans to hack their functionality into CM. This may change. Or not. Depending on motivation and resources.
Camera button doesn't wake the phone if you wait at least 15 seconds before hitting it after the phone suspends.
LED - "funky" how? It lights when battery is low, or when a notification is waiting, or when battery is full. What else are you expecting?
Camera video recording - What do you mean here? It works on both of my Epics, as well as the other devs'.
There is some preliminary work being done toward this goal, but we're still ironing out a lot of things.