I do agree that T20 has the potential for greatness.
A revised edition would be nice...but I doubt most people would shell out the cash for a revised edition if they've already got the first one.
However, if QLI is going to do another print run anyway, they might as well fix the mistakes.
A free "Here's all the changes" book (AEG did one of these for 7th Sea, and I think WOTC might have done something similar for their 2nd->3rd edition switch [though that's a little different anyway]) would be really nice and would substantially improve my opinion of the company.
Of course, all this is worthless if QLI won't actually spend the time to gather the errata and compile them in a document that doesn't require its own errata. I know they've got a pretty small operation, but if they're going to try to be a professional business with a professional product, they'll probably need to hire some help.