if they wanna sell 6,000,000 (look at all those 0's) a month then apple will be lowering the price of these things to a base price of 400 or maybe 350 dollars.
However it is unlikely that will happen. There hasn't been any reduction in demand for the ipad so why lower the price if your already selling every device you roll off the line?
I am seeing for sure a front facing camera possibly a rear camera.
I see the same display (retina display would make the ipad cost 1,000+, and making yet another version for app developers to worry about)
512 ram for sure
possibly the same a4 chip (at this point there is no demand for a better processor in the ipad and as long as developers are happy i don't see apple upping specs for no reason apple normally doesnt get in spec wars with it's competitors and apple won't let battery life be effected for a small performance bump)
weight possibly reduced might use lighter weight materials to accomplish this.
32, 64, 128 GB versions.
same battery life.
A retina display would do nothing to developers other than require them to supply higher res images. It'll be likely imo that Apple moves to a dual-core chip at a lower frequency, which should offer more performance and less power usage than the A4. Hoping for less weight too!