I'm assuming it will be on a similar update path to other Apple products. So I would expect 3nm processors across the line this fall, including the Ultra, with the main benefit being improved battery life. I suspect we may be waiting another year for glucose monitoring.
Better battery life would be a game changer, especially for the series AWs. Really crossing my fingers for that.
Glucose monitoring next year? Would surprise me. This will take a few more years, sadly. Technology in this area is still not mature enough and Apple would never release such a critical measurement without it being rock solid. People could base very bad decisions on measurements. This is different to the SpO2 where the only decision is to check back the values.