I, for one, want to see all the features of the iPhone 4 (minus the actual phone parts) make it into the next iPod touch.
A lot of carriers (such as those in Canada) are asking way too much and giving way too little in return for our money. There's also no competition to speak of, they all offer extremely similar packages for extremely similar prices. So no iPhone for me in the foreseeable future.
So please, add the higher resolution display, the 5MP back camera with video recording capabilities, the front facing camera for FaceTime, the gyroscope, the GPS... everything but the phone. Use the same casing as the iPhone to keep things simple and use the extra space for a bigger battery.