There really is a lot to improve. I'm not talking specs on paper. Of course they could put a 12mpx camera, 2gb of ram, a hi-res screen and a quad core chip (which is exactly what they might do).
What I would like to get is a cooler device, even with similar tech specs. So a slimmer, lighter body with a smaller bezel around the screen (perhaps the screen taking almost the whole front panel) would be what I'd love to get. I'm fed up with the "specs" war already. If you have a single core 1ghz cpu in your phone chances are it does everything you want it to do with ease. Now 1ghz single core cpus are getting better and better too and new "low end" qualcomm processors are twice as fast as their first gen 1ghz processors. I'd really like if they started to improve the coolness factor, usability and became more innovative. Raising specs isn't innovative anymore, even if it's an 8core arm cpu. It won't even give you an advantage other than a cooler benchmark score and lazy programmers a reason to screw up the optimization of their apps, which is what Android developers already do to some extent.