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Haven't received my ipad 3 yet, but from what i hear from colleagues and my ipad 1:

A6 28nm with lower thermal output.
128GB Space.
Stereo speakers that switches in landscape/portrait mode (4 speakers, 2 at a time).
GPS in wifi models.
Reverse the volume buttons in landscape. (so the volmue bar grows in the direction of button push).
Better response times on the touch grid (think is 100ms right now).
siri.

Access to movies and tv series worldwide at the same date, no "this is not available in your country ****".
 
I'd try whether it can blend :D ..

Personally I see no room for improvement.. The iPad 3 should have been as it is ;)
 
The only one thing missing I truly feel sorely about is the front HD camera for Facetime. It would've made a lot of sense to upgrade the front camera to pair with the retina display. It's a shame.
 
First change for me would be to make it lighter.

Second change: I'd introduce a smaller model (maybe 5-7") with a much better camera (even at the expense of thickness) and add a lens connector. Photography with the iPad is *really* good - having such a huge, high-res viewfinder, plus all the apps available makes it massively better than a DSLR in a lot of ways. But the size and camera let it down. Smaller and with interchangeable lenses it would absolutely kick ass.
 
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