I've been on a CZ kick lately which included a PCR. I'd like to think that if Smith & Wesson had developed a Fourth Generation 59 series with modern production capabilities and alloys it would be a direct competitor.
Can't imagine they would produce an all metal non-1911 again but what would you look for in a 4th gen? Top of my list would an exposed back strap for better grip options similar to 2nd gens.
I would go removable bushing like the 1st and early 2nd gens for easy installation of custom barrels or match grade stuff. I would like to see a cajun gun works type custom shop for the "4th gen" and older. I would keep the 3913 and CS9 the same as they work the way they are. They would sell a bunch of 10mm if they brought back the 10xx series. Adjustable sights but ones that aren't necessary to withstand a nuclear blast. Maybe more lady smith type of contouring to cut down on material. In todays market I can see them making a 500-650 "4th gen" that competes with CZ.