-WiFi 802.11n
-3.2 megapixel camera with Auto-Focus (and zoom, but that's more software)
-Higher resolution screen
-Higher capacity battery
-More RAM and higher CPU speed
-32GB
-Removable Battery (why hasn't anyone said this!?)
-Stereo Bluetooth
-Improved sound quality
-A dock included in the box
What won't happen:
-A flash for the camera and dedicated camera button. Apple is all about the looks and those will just make the phone uglier and more confusing to use.
-LED for notifications. With the possible second, low powered screen for notifications an LED at the top of the phone is unlikely. It would only happen if they could make it unnoticeable when it wasn't on, unlike the BBs.
-Thinner. It's not happening if we get a removable battery and more goodies underneath the hood.
And I have a cool idea. If a removable battery cover was put on, then they could put all of the information (like storage space) on the inside of the phone. Then, instead of each phone coming on different colors you could just get one phone and then buy different battery colors with different colors and designs.