I'm certain it's all been said in the preceding pages before, but assuming that a more portable-portable is what is being released today, here's what I would like to see:
--No optical drive, with some incarnation of an external, USB 2.0 superdrive available, obviously that would be ridiculously slim and aluminum too
--3 USB 2.0 ports (I would LIKE to see firewire, but I think USB might make a solo debut on this thing if they're going for small)
--Bluetooth
--Wireless N and no ethernet port (insert shock here) - ethernet available as a USB thing like the modem.
--If they can cram a mini-DVI on there or possibly HDMI, they will (I do not know how big the chipset is for these things). They could also go proprietary with the necessary converters if need be.
--speakers and a headphone jack, i think they'll cram an isight on there too, win the casual user points
--SSD 128 GB or 64 GB. I just can't imagine them trying to be serious with anything less.
--Some low voltage intel chip
--They're going to be shooting for the magic number here, 10 hours of battery off of a li-poly.
--Total thickness should probably be smaller than the base portion of my MBP.
--Weight? Less than the human brain but probably with less surface area.
Edit 2: regarding multitouch keypad, I think it's a bad idea and hope they don't try and implement something poorly. As independently of that judgment as possible, I just don't think they'd be that boring when the future is clearly here with iPhone/iPod touch like mulltitouch interfaces.
It would be a bit more than mildly amusing if they didn't even release a subnotebook today.
Edit: Assuming that's real (haha), then this is going to be a sleepy keynote. This is just the whole "bring your home folder with you" thing isn't it. If so, yawns for me.