Well, I don't think Apple will be able to improve single-core performance without increasing clock speed.
And increasing clock speed will make power consumption shoot up exponentially. If you want 1.4x more single core performance, the same chip will consume 2x the amount, so it'll already be at least 35W TDP for a measly 1.4x more performance than M1. Plus the chip may not be too stable then.
Increasing clock frequency is what Intel has done to their CPU for the past 6 years, without any other meaningful improvement. That's a horrible way to go about it.
If we're talking about meaningful improvements, like... say, GPU performance, then Apple can very easily make the GPU 24 cores at about 28W TDP. That makes the GPU a whopping 3x faster than the current M1. It'll be competitive against desktop GPUs then.
And if they make the CPU 16 cores, then we're looking at a 35W chip that essentially:
1. Has the same single-core performance as M1. Multi-core performance will shoot up to almost double the current score, making it about 14000 - 15000. That'll put it almost on par with the Ryzen 9 5950X.
2. GPU 3x faster than M1, so it'll be able to easily achieve 120fps+ in many games at 1080p. That puts it squarely in the same class as a desktop GPU.
3. 35W TDP means the chassis of the 16" MacBook can easily cool it. Note that the 16" MacBook can already sustain about 80W of thermal almost indefinitely.
4. Since it's just more cores, Apple can turn the unused cores off if they are not in use. Meaning... it'll have about the same efficiency as the current M1 for light tasks. With the 16" MacBook having a battery 67% larger than the 13", I'll guess... 30 hours of video playback battery, and 24 hours of web browsing. In regular use, it'll probably be pretty easy to reach 18 - 20 hours with that battery. I'm already getting 10 - 12 hours with my 13" Pro M1.
5. If Apple plans to make a 13" Pro M1 with 4 ports, then a 35W chip also makes more sense. It'll probably have a 16-core GPU only, and maybe only 12-core CPU. That should drop power consumption to a more manageable 25W for the 13" Pro M1. It'll be more powerful than M1, but it won't be unreasonable to cool.
So I think... realistically, we're looking at that level of performance for the next chip.
Note that even though "throwing more cores at the problem" seems "cheap", the thing is that under Rosetta 2, the M1 is only seen as a quad-core CPU (this is because the efficiency cores are paired up with the performance cores). That means a 12-core M1X will be seen has a hexacore, and a 16-core M1Z may only be seen as an octa-core CPU. So a 16-core M1Z is actually kinda "comparable" to the past Core i9 in Rosetta 2, except it'll be almost 2x faster CPU performance, and 1.5x faster GPU performance, with 4-5x better overall efficiency.