I'd like to see a projector lens to project movies, games, homescreen on any surface. I've seen this technology on some future phones on the Science channel. Also a front facing camera lens for some face to face video conversations and recording! Also some sort of fingerprint recognition for unlocking the phone.
1. 4.3" AMOLED screen
2. Dual core Cortex A-9 based SoC
3. 8 gig internal storage
4. 1 gig RAM
5. HDMI out
6. 8 MP camera
7. 16 gig class 10 microSD card
8. 720p or 1080p video recording
9. physical QWERTY slider that is worth a damned
10. 1800 - 2200 mAH battery stock
11. Latest version of Android w/ OTA from GOOGLE
12. Ability from factory to Root device similar to how Google does with the Nexus.
That's about it. If they can deliver on 50% - 60% of that I will be tickled pink.