I have thoughts on what I'd like IDW to do but that's probably different discussion to waht you're asking.
Wouldn't it be a lot of work to do a photo comic with a long ongoing story? That's what I'd like to see but it's very ambitious but look forward to seeing what you do.
The Mosaic style, short stories that focus on particular characters, could be a good example to follow and you could go past their restrictions to have multiple 'page' stories and have them all fit in a larger continutity.
Is there a particular universe you like that you could use a base (so you don't have to layout the universe as a whole)? Obviously G1 would be the most popular but you could choose comic or cartoon or Dreamwave or whatever.