We already have Clause IV, it's just a 'new' one (instead of the 'old' one) with 'new' rhetoric ("Equality of opportunity" replacing simple "equality", et al).
My vision for the party's future is neither a Third Way approach or the old beer and sandwiches one (although my pallette does appreciate the latter two, gastronomically speaking

). I want to see a Labour party that taps into culture and is part of the Zeitgeist , that is comitted to re-vamping and revolutionising the education system to produce generation after generation of astute, benevolent, tactile and politically aware human beings, A Labour that is truly representitive not favouring some minorities (eg Women, blacks and Asians) over others ( eg the disabled and the young) and, of parramount concern, A Labour that is much more democratic, where decisions are made after greater consultation with the rank and file party members and the whole electorate at large, not simply after consultation with the CBI, the Press and the Cabinet.
Right, I'll step down off my soapbox (for now) ...