I am not one to focus on specs. Performance is all that matters to me. That said- what do I want out of my next gen smartphone?
Good video chat options over 3g/4g. That means front facing camera AND the software to support it on multiple platforms.
Battery life. It needs to go a full 24 hours with moderate to heavy use, including video, downloading, calls, etc.
Better VPN support. Android's VPN on the Droid X is broken. It needs to be able to communicate properly with secured servers in a business environment. This will allow better integration with corporate files, printing, database access, etc.
Browsers that support ALL of the web, including Java, Flash, Silverlight, AIR, etc.
A smooth, clean, and fast UI- no lag, no 12 clicks to get to get to things.
An open, unlocked platform allowing developers to supply software that can take advantage of everything the hardware is capable of, without carrier blocks, lock downs, or extreme hacking to get it to work.
I don't think a higher res screen is all that important as it can already clearly display text so small I can't read it and play video at high enough quality to watch and enjoy it.
The input/output of these things needs to change a bit. I would love to plug my HDMI out into a monitor and use my device full screen with a keyboard and mouse. Make this thing replace my laptop!
Of course, keep it all under $500 unsubsidized. Yeah- I'm asking for a lot. This response is a bit different than the others, let me know what you think.