It should act rapidly within one arm-brain circulation.
Recovery should be quick and complete with no hangover effect
It should provoke no excitatory phenomena
Analgesic properties are advantageous
Respiratory and cardiovascular effects should be minimal
It should not interact with other anaesthetic agents
Hypersensitivity reactions are not ideal
There should be no post-op phenomena, e.g. nausea or hallucinations.
The perfect drug does not exist.
(Taken from my textbook)