i'd add some features to this list:
- possibility of running script plugins (lua, python, etc.)
- import/export to .txt-based song formats, like vortextracker, famitracker, openmpt-clipboard, midicsv, etc.
- fm support (2 and 4 operators, at least)
I think those are outside the scope of Milkytracker. As far as I understand, Milkytracker focuses on MOD and XM, and therefor won't add stuff outside those formats, such as scripts and FM support. That's not what MOD and XM is about at all. It would break compatibility completely, and that's not interesting at all.
But in regards of MIDI, you should definitely take a look at Timidity. It does an absolute outstanding job at converting MODs and XMs to MIDI. I have used it many times to make GM MIDI versions of my XM tracks, back when I was into J2ME development. (Old cellphones before Android and iPhone came along).
Alternatively, 2MIDI from Un4Seen is also awesome, especially if you want your MIDI to come with a matching soundfont containing all the samples.
Once you have a GM MIDI, it can usually be imported into other music applications, and converted to other formats too.
