Can you imagine an iPhone 6/6+ with 8GB of storage? I'm not even sure it's possible for iOS to run on one of those with that little amount of storage, let alone load any apps or media content. There will be a big SMH moment if Apple announces an 8GB 5S device on the low end (*free-w/-contract).
Apple is pushing for lower storage for 2 main reasons:
(1) To push sales of iCloud services
(2) To push customers towards the mid and high tier devices with more storage
Apple wants people to upgrade in one way or the other, so they make the low-end only attractive to the lowest common denominator. They make more money from those that choose to upgrade, so why make the low-end more attractive?
I have been saying that the low-end should be 32GB since the 5S and felt really frustrated when the iPhone 6 was announced with 16GB starting. It's sounding more and more like another year of disappointing news on this front.
Apple really should bump up RAM to at least 2GB in phones, but I doubt they will for this one reason... The iPad Air 2. This is because it is the first device to support split-screen; running two apps at once. And the iPad Air 2 is limited to 2GB; meaning each app cannot exceed 1GB of RAM. So, why would Apple add another 1GB of RAM to a phone if no apps will take advantage of it? There's the super-slim chance that an updated multitasking system will keep the latest 2 apps in memory on the phone so that apps don't have to reload unless a 3rd app is brought into memory and pushes one out. However, it's likely not there since nobody has noticed in the beta builds and it hasn't been rumored. Based on this, I will say we're in for a disappointing announcement when it comes to phone RAM.
I do expect the camera to get a bump and the rumors have been pointing towards that also. Although Apple hasn't improved the max-resolution of the sensors since iPhone 4S, they have made lots of improvements that have kept iPhone photos competing with higher resolution sensors from Android competitors. The iPhone cameras have always impressed me and I hope they do give it a resolution-bump along with a other typical updates. Something around 12MP would be nice.