No. 1 would be increased storage. I'm hoping a 32GB chip that fits where it needs to comes out later this year. That would mean my wait for the 64GB model could start counting down. 🙂
I do like the idea of an LED on the phone. There's not much room on the top of mine, but maybe they could make a circular one around the headphone jack?
I could really not care less about the camera stuff. They'll obviously get up in the megapixel dept. at some point, but it looks darn good to me. I also don't have much of a desire for a camera on the front. Just guess that your picture is good and snap a few. Delete the crappy ones. My rants against video calls on here are legen (wait for it) dary.
For the person who suggested a game controller pad, that would be best as some sort of add-on connected to the dock connector. Apple isn't going to ugly up the phone with a big D-pad just for a few games. I don't know if the SDK would allow anything like that yet, but that is the best option for such a purpose. I think the deal is probably if you need a D-pad, you probably need a DS or PSP.