A change that I would like to see...

Personally, I feel like we shouldn't have an aura of light unless we are wearing armor that does it. And even then, we should be able to turn that off. (Sneaking up on friends is one of the best parts of playing MP games like this!)
edit: Or an option to turn off the aura at the very least.

Also, we should be able to hold a torch in our hand to light up the area around us prior to placing it.

 

Flashlight?

 

I want to be able to hold lanterns for a small, weak radius of light in one hand, compared to the long, strong light of the flashlight...

 

Holding torches should also keep you a bit warmer.

 

I liked the way Terraria did it --> If you hold a torch in your hand it lights up the surroundings. Like a flashlight now. Basically I'd like that every light emitting item (torch, lantern, flashlight, shinebug whatever ) lights up your surroundings (or directionally) if hold in the hand.

 

I like that one.

 

Yeah, I get that we have a flashlight, but I'm talking about when we have our torches equipped as we're going into whatever cave we are exploring, and before you place your torch, you're surrounded by darkness. You can't have your flashlight out while you're placing torches. And a torch would give you a radial light. It could be a less than consistent light source as it's a faint glow and flickers while you walk, but it's just a substitute until you PLACE your torch.