The ability to define a library of formula snippets in an IOK file, as custom functions with defined arguments, and then refer to those functions from within formulas throughout the file.
For example, you might define MYDIV(arg1, arg2) as IF(OR(arg2=null, arg2=0), null, arg1/arg2)
Henceforth you could use MYDIV([SomeField], [AnotherField]) without having to handle null/zero divisors.
Additionally, owner-locked files would prevent access to the library, thereby protecting most of the IP in your formulas.
If / when this gets built, it would also be nice if it were built out kind of like a class file so it could be referenced from other omniscope files which include it in its reference library.
Hmm... while I see the benefits, not sure I like the idea of a "shared library" which you can change and inadvertently break some models without realising it. I prefer the ability to have an IOK-specific library, with import/export abilities.
Whatever the means would be, I would just like a single place where I can place key formulas that can be inherited by other omniscope files to reduce overhead and upkeep of formulas in other files.
A simple workaround (and one that I use) is to keep a text file of all the most useful formulas on your desktop. When approaching a new project, it's easy to copy & paste from the "library" file into a new text file every formula needed, and then use the import function to bring them all in.
I have also tried this with an empty IOK file, and then using export formulas to get the ones I want (after filtering in Data Manager), but personally I find this no quicker than reaching for Notepad++.
I'm a big fan of the idea of being able to read IOK files via a Visokio-approved API... if this appeared on the horizon I might crack on with the "Omniscope Metadata Manager" application I have had in my head for the past few years!
Until then, a text file will have to do.
By the way, none of this addresses the class inheritance approach you advocate (great idea) but it does cut down on maintenance across files... albeit only a little!