Personally, all I'd change would be to go to a more vibrant and power-savings AMOLED display, and I'd make the 30 fps cap configurable by the user - because it can suck a bit more juice to go that route, and some of don't need more than that while others do.
As for 1080p out - nah, that would require a more sophisticated video scaler, I don't see the point.
However - it would be way cool to have a built-in pico projector, a digital micro mirror, similar to a DLP capability. That exists as an add-on for things like iPods, but it can be built right into a phone.
How the tech works is here:
Microvision: PicoP Technology
Check out some commercials - note: no focusing, show anywhere:
Microvision: Video Gallery
Now, here's that concept on steroids. I saw one of these while I was in Taiwan this month:
YouTube - Pomegranate Phone NS08
Okay, okay - but the pico projector is very real. The Pomegranate, like a Global Link as seen in Earth: Final Conflict, sadly is not - yet.
BTW - pico projecting phones exist, I just haven't seen one in the US - yet.
MWC: Samsung Halo Packs Pico Projector, Super AMOLED, Android 2.1
By the way - watch out - Microsoft's got one, too!
Microsoft ofone