I’m running a gen1 4K, and none of this is making me feel I must upgrade.
What would? Probably 4K/120Hz with full HDMI2.1b especially in combination with an M-series SoC (probably an M3— current 3nm process, and the M2 is nearing EOL.) That would open the doors to some pretty awesome gaming potential, as well as (if rumours are correct) allow for 4K/120 content for F1 (and other sports) streaming.
As for audio, I know it’s unlikely we’ll ever get TrueHD (or DTS:MA) but I can dream. More likely would be proper pass-through, though this would likely mean dropping all the menu clicks and other injected sounds. All of this would be possible with an M-series chip but doubtful with an A-series.
They could do an AppleTV & an AppleTV Pro. That would be very interesting. 64GB and 128GB models for the base paired with an A-series chip and get that nice low price point. Then have the Pro with 256GB+ and an M-series chip, extra audiophile/videophile/gaming features, and set the premium price accordingly.
I would be jumping to get in line for a Pro device like that. But if these rumours cover everything - nah. Old one is still working just fine.
(As for a camera - nope! My AppleTV lives in my sideboard under the TV, so a camera would be useless. Already have the option to use an iPhone or iPad as a camera, so what more is needed? Especially if the forthcoming J490/HomePad has a camera as expected.)