Today, we'll finally saw which of the interminable iPhone 5 rumors were true (none of the wilder ones, it turns out). In the actual iPhone 4S, we saw a faster processor, a better camera, more memory and storage capacity, a Sprint version, a "world phone" capability (a dual GSM/CDMA radio), voice-based "intelligent" assistance, and a reduction in the iPhone 4 and iPhone 3G S prices to expand the iPhone's reach downmarket.
That's all nice, and it's typical for Apple to go a couple years before making radical changes to its products. The 3GS, for example, followed the 3G as essentially a speed-bumped version. It makes sense the same pattern will hold today.
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That means a really redesigned iPhone is a good year away, so there's time for Apple to consider my suggestions:
First, the "iPhone 6" (I can't call it the iPhone 5 because of all the attention to that unreal product this year) should support LTE-based 4G networks. By next summer or fall, AT&T, Verizon Wireless, and perhaps Sprint will have enough of the higher-speed, higher-bandwidth 4G networks deployed to make it worth Apple's while to support the technology in the iPhone (and iPad 3).
Second, the glass should be water-repellent: When you hold the iPhone against your face when talking, today you can get a sticky mess if you're sweating or it's muggy outside. Beading the moisture or wicking it away would help keep it cleaner.
Third, the dock connector port should have some sort of shield, perhaps a membrane or door, so the schmutz in your shirt pocket can't get into it.
Fourth, a pico projector on the back would be great for impromptu presentations of slideshows or photos. It can go on the back at the opposite corner of the camera, for some visual parallelism. Think of it as a live social sharing tool.
Fifth, tapping the power button either briefly or extralong should show a power indicator, like Apple's MacBooks do, without the screen needing to be charged. Does it need a charge? Why should I have to turn it all the way on to find out?