22nm multicore CPU / GPU
>8GB of RAM
1080p @ 60fps minimum for all games
Better physics, and better games. I only buy the AAA-level titles, so I don't invest myself too much in a console.
Games don't need that much RAM, video RAM would help though.
We won't be seeing a new one for a while, but it's fine, because really, by the time the new consoles come out the components will be cheap enough to where the upgrade in speed won't compromise the price. I'd be very excited about the next consoles because I really think all three of the companies have learned from the current generation and will have a pretty solid lineup when the time comes.