It's easy to learn. Easier to write code than in Java or C++
Don't like: I think php already got quite a few things from Java, like almost all SPL classes are modeled after same concepts in Java. So what I like to see is more classes added to SPL that are common in Java but don't yet exist in php. For example Comparable interface, Comparator interface.
It would also be cool, but maybe too much of a change for php is every object would inherit from "Object" object. That Object object would have some minimal set of methods like hashCode(), __toString already built it.
One more improvement would be to improve the Serializable interface to use versionID, just like in Java. This would solve the problem when an object is serialized and stored in cache, then class definition changed (someone uploaded a new version of class) before the object is unserialized.
Adding multithreading is probably not a good idea for php, even though it would make the language more powerful, it would add something that most self-taught programmers will be getting wrong most of the time, ending up with very bad problems and blaming php for it.
Overall, I think current version of php is a good language for web development.