Need some help/advice from an educator?

Developer looking for some insight into what an educator would find most valuable as far as the LMS feature set. Is there anyone out there willing to discuss with me what they would consider to be a level 1, level 2, or level 3 feature set that is included in an LMS? Im talking about features that an experienced educator in the online educational world would expect to see at a base level and what they would expect to pay extra for?