Great question!
First, the most obvious, the slug would be replaced with a hard epoxy. The case would be made of polymer. The powder would be replaced by a liquid. With a polymer case, liquid powder, epoxy combination, the bullets now can go through the airport scanners without detection.
Nitro glycerin as the liquid, tensile boron based fibers as casing, and epoxy as slug, would be undetectable, deadly, pretty economical in large quantities, allow for high tolerance in the production line, and would give you the firepower in a small weapon equal to that of a larger weapon. Also, the energy from nitro glycerin should be significally more than black powder, and so you are talking a larger bullet with a small casing with higher energy, and torque. Because it's liquid, you can bore a hollow cone in the center (like a wine bottle) of the case, and have the detonation occur on the edges. You would do this for the same reason they do it for the wine bottles, especially the bubbly stuff... It reduces pressure and more importantly controls the expansion and rate of expansion of pressure. You would get a "clap" of the cone would reduce the recoil drastically. This also means that you can get rifle velocity out of a pistol, with .22 like recoil.
As for the gun, metal is very difficult to remove completely. It reduces heat effectively, can be smoothed in ways polymer can't be, and does not shatter like ceramic.
Of course, when it's all said and done, none of use will be doing that because we will all have moved to rail guns.
I love rail guns, have done heavy research on it. You can have a gun, 3 buttons, a bank of capacitors, 2 rails, and no moving parts. 1 button charges the caps. 1 button discharges the caps. 1 button fires the gun. You can have it small, feeding it cheap 1" washers if you want to shoot disks. Or you can be hardcore, and shoot anything from 1 square cm squares, to full 1 inch squares, or larger depending on the gun.
With enough juice, that's 0 to Mach 9 in .45 seconds! You will liquify the person in front of you and everything behind him for a few miles. On hot loads, the metal comes out melted before it leaves the gun. Also, because of the gun design, you can have a "3rd rail" as ground that you touch while you are holding the gun, which grounds you so you don't die from getting shocked. If someone tried to grab the gun out of your hands via the rails, well, they'd get a HUGE surprise....
Railguns are the wave of the future. Very easy and cheap to build, can use pretty much any scrap metal as ammo, no moving parts, and lasts pretty much forever if you don't overheat it. Firing rate is only limited by the dump speed of capacitors and the mechanics of lowering the ammo into the rails.
That's my $0.0023462 (My 2 cents after federal, state, local taxes)
Albert