I have a wish list item for some day when you are bored (HAHA)
 
It would be so fantastic if there were global options that you could assign to any item where you would set up the option once, assign it to an item (once or multiple times), and then be able to change the option name at product level.
 
While this is similar to Product Type options - which are helpful - Product Type options do not allow you to change the option name at the product level and you are only able to assign a particular option one time.
 
For example, I have lots of custom items where my customer needs to select different colors for different parts of the item from a standard list of colors. While the selection of colors stays the same, these parts need different names (body, wheel, window, etc.) which can vary greatly depending on the item.
 
The idea (using my custom items as the example) would be to set up one global option called "color" (for instance) with my 50+ color selections, assign it to a product once or multiple times (once for every item part that needs a color selected), and then change the name of each of these options at the product level to represent the specific item part. The ability to choose which option values as well as set the default value would need to be included (like you currently can with Product Type options).
 
(As a side note, another - admittedly less significant - draw back to Product Type options, is that they show up under the "general" tab of the product (creating a huge page sometimes) rather than under "options & components" which would be much more organized.)
 
Hopefully that makes some sort of sense. Who knows... maybe this is too specific to my needs, but I thought I'd throw it out there for the "some day this would be great" department.