So here is my wish list:

Higher Resolution Screen -- I wanted an OLED screen, they are beautiful but when the iPhone 3GS won hands down in screen tests, it became apparent that maybe OLED isn't the greatest option. The iPhone screen is screaming for an upgrade - despite it's recent win against the Nexus One.
1Ghz Processor -- This is pretty much a given with all of the leaks referencing a faster, A4 iPad processor.
Better Camera -- Better can and often is subjective, but when on my recent trip to Miami I found myself without a camera in low light situations, I found myself beginning to understand why we have seen so many complaints about the iPhone camera. The leaks tell us we will get a front facing camera and a new camera on the back WITH a flash. Along with the better camera, let's hope to see a more sophisticated photo/video editing app.
Video -- We already have video but let's be honest, the iPhone should do better. HD recording and better recording/editing controls are expected.
802.11N -- The current iPhone does not connect using this standard. Enough said.
512MB RAM -- I don't care if we are getting a faster processor, I want more RAM. Everyone knows that RAM contributes greatly to speed. With multitasking finally appearing in the iPhone OS Apple should definitely include a little extra umph!
Upgrades to the Email, Calendar, Notes & Contacts Apps -- These apps are in desperate need of a face lift. At the very least, can we at least customize their appearance?
Google Maps -- I know we won't get Google's turn by turn navigation, but this is another app that needs a new features.
Wireless iTunes Syncing -- I hate having to plug in my iPhone every time I need to sync.
Tethering -- SMH
Similar pricing as 3GS for existing AT&T Customers -- Yes I know that if I want an early upgrade I need to pay for it, but I shouldn't been bent over a barrel either.
Better Speakers -- It is an iPod
Graphics Upgrade -- This is a gaming device.
Longer Battery Life -- Always a good thing.
A super secret feature that will blow us away -- Please Steve?