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The initial news was that the first film would be based on Yoda. One option for a film would be around his time on Dagoba between Episode III and Star Wars: The Empire Strikes Back, but he spent many years alone here so not sure how much excitement there is there! More interesting would be a movie based nearly 900 years into the Star Wars past explaining where Yoda came from, and maybe how he became the Jedi Master.
The latest news suggest that the first film will be based on Han Solo, another fan favourite, and one were all keen to see, How did Han meet Chewbacca, we think it was some time after Episode III, but clearly before Star Wars. When did he get the Millennium Falcon, this would have to include Lando Calrissian as the Falcon once belonged to him, and when did Solo do the Kessel Run in less than twelve parsecs?
Bobba Fett is another character that fans simply want to know more about, we know so little, he has very brief appearances in Empire and Jedi, the film in which he is killed, despite which he became one of the most popular characters, but is a major character in Episode II. We see him as a child and see his dad get killed by the Jedi's, we also know that the Clone Troopers/Storm Troopers are him.
Biggs Darklighter would make an interesting charter to base a film on, he appears on Star Wars and is killed during the batttle, and he appears on one of the more famous cut scenes from that film. There is a whole life on Tattooine to explore, and of course a very close friendship with Luke Sykwalker.
In Star Wars we see Darth Vadar's boss (of sorts) on the Death Star as Grand Moff Tarkin, he must have an interesting back story, what made him so evil, how did he get to commmand the Death Star and the Imperial Outland Regions? We know when he died what what are this vaguely Hitler like characters origins?
The back story of Jabba the Hutt has also been touted as future film, he's a resident of Tatooine and is over 800 years old, he runs a crime organisation that hires bounty hunters and is clearly rich and buys respect. A Godfather type story could be a must for this.
Admiral Ackbar has despite only a brief appearence in Return of the Jedi become a very popular character, he has appeared in The Clone Wars cartoon which has given some insight to his character, but going through his academy days would be an interesting film.