Okay, as for realistic predictions for the next iPod Touch, here's what I think:
-$100 price drop (8GB $199, 16GB $299, 32GB $399)
-Possible 64GB version (yes, the technology is there, it's just expensive) which would sell for $499 (and if it were introduced, the 8GB model would be phased out)
-Minor improvements to the interface (cover flow for movies, improved Safari, etc)
-Slightly smaller form factor (less wasted space on the top and bottom, a tad bit thinner)
-Improved battery life
-Possible built-in speakers (unlikely)
-More scratch and smudge-resilient design
-Wi-Fi sync with iTunes
-New built-in apps, including free games (same idea as iPod Classic/Nano) and potentially iChat
-Possible multiple colours
-September release
No, there will not be a camera, bluetooth, 3G, a phone, GPS or anything like that in the next iPod Touch. Just as Apple proved when they first launched the iPod Touch, it's an iPod, not an iPhone without the phone.
I highly doubt anything drastic is coming for the iPod Touch. None of the above features I listed are drastic; they are mostly progressions of what's already there. And while not everything on my list will come true, I expect at least a portion of it will.