I was asked recently about making improvements on some software instruments. It is common, for example, to have key velocities between 0 and 127, which ultimately limits the expressional range of the musician.
I realized I couldn't really explain why this limit exists, other than the fact that MIDI has always been an 8-bit control scheme. Disregarding the practical side of changing the standard, would it be possible to achieve everything that MIDI does, but with 16 or 32-bit resolution?