There isn't anything missing, on the contrary, there's too much so that the things that people actually care about are not easy. Nobody cares about an "ecosystem of applications", or "out of classroom experience". Put yourself in the mind of the student. What are their top questions?

1. What homework is due?

2. When and where are my lectures?

3. What was taught or will be taught in some specific lecture?

4. What do I need to study for my exam?

5. At the start of the semester: Which courses are available, and info about each course (topic, teacher, book, etc.)

Now, the promo video doesn't show very much, but let's see how you would find out about homework in current Blackboard. I need to log in (it doesn't keep you logged in). Then I click on "courses". Then for each course I need to click on that course and browse the course's pages to find out if homework is mentioned somewhere. And of course because the professors find blackboard terrible too, most of them put the homework on their personal webpages instead, so not even half of the info is there. All in all it's about 100 clicks to find out the answer to question (1). Maybe the professors are just putting the info in the wrong place which makes it hard for the students to find, but this also counts as a failure of Blackboard.

What should you do instead. Keep people logged in. The main page right after logging in should be a full page calendar with the schedule of lectures, exams, and homework due. Then for each course there should be ONE page. Current blackboard has zillions of pages per course, but 99% are empty and the info related to one course easily fits on one page so you don't need to hunt among the empty pages for the info you need. The professors who have the course page on their personal website always use one page, and it's much more usable. On the page of a course there should be general info, and info for each lecture (but not on a separate page per lecture!). The lectures in the calendar should link to the per lecture info, which is on that one page per course, scrolled down.

This way question (1) and question (2) can be answered by one glance at the calendar homepage. Question (3), (4) and (5) can be answered by clicking on a lecture in the calendar, i.e. one click away from the homepage.

Now for a very important point: let the students edit this info! If some professor does not use blackboard or uses it badly, make sure the students do. Let them put up a page for the course, enter the lecture schedule in the calendar, mark when homework is due, etc. Blackboard is much more useful if all info is there. Of course you get nightmares about letting students edit this, but trust me it will be good. If wikipedia can let anonymous people all around the world edit it, blackboard can let non-anonymous students of a particular course edit it.

The real problem of course is that Blackboard isn't built for students, and isn't built for teachers. It's built for the people who make the decision to buy Blackboard. That's why Blackboard will die like a fly to a competitor that does get this right. They will provide all this for free, initially, and students and teachers will use it out of their free will, and Blackboard will be even more empty than it already is. If you're losing 70% teachers who put info on their personal homepage, and are willing to learn HTML to avoid having to use Blackboard (!), imagine what a halfway decent competitor that isn't "code your own website in HTML" could do.