All that and more in Frog, and yes it costs more than some VLE's but you get a team of people constantly building new features, widgets and content for you to include on your pages. Besides, when you look at the TCO over 5 years Frog actually works out cheaper than running something like Moodle, where you have to employ someone to look after it, update it etc.
The VLE needs to cease to exist as a standalone system, teachers and students do not need to be aware of its existence. All they need to know is that there is an online system where communication and learning happens. This should be integrated with their emails, home directories, learning strands, notices, intranet, chat rooms and anything else the school uses. When they open Internet Explorer they should have everything they need for learning available at the first screen. It needs to be easy to use for teachers creating resources and managing their student's experiences. It needs to be accessible for staff as a file store, homework submission tool and come with a very shallow learning curve.