The biggest revision that this ipod has to have is better battery life. That's the only aspect of the original that was a serious negative. As long as apple has listened to anyone, they will work to fix it.
As for the rest, it is just icing on the cake. Not too many of us really need some of the glitzy features, but they sure would be cool.
I am most intrigued by the video out. Apple could really make this an amazing feature. Imagine if they develop some special type of mp4 format that compresses movies into a small, manageable file size. Then they start offering these compressed movies on the itunes store as a download. They could charge a few bucks for a file that would work for a week or so before it's security feature makes it inaccessible. The movies could be viewed on your computer, or you could put them on your ipod and watch them anywhere via TV out. This way Apple starts helping the video industry combat pirating as well.
This may be a little far off, I doubt it will happen in this generation, but they need to start moving in that direction and pioneer the market. Color screens could be great for album covers, contacts, and especially pictures. I hope they would try and blow out the competition by using OLEDs which seem to be the best choice by far.
I really don't care what color these things are. I thought they would go with the Aluminum look, because that's where everything else in their company has gone.
I just hope their technology is on par with some of our expectations. Some surprises would be nice as well. I have been waiting half of a year for this revision, and I will be purchasing one as soon as it comes out. I really want this one to be a winner.