The stuff I mention below might not even happen, but I'm hopeful (there are just my opinion):
WOULD DIE FOR
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Tactile feedback (Apple filed for a patent a while back for iPhone, seems like a really good chance to get that technology working here. Being able to feel the keyboard keys and every button you press would be an awesome touch experience, real "magic")
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16:9 aspect ratio (I read somewhere that the current aspect ratio is as it is because the iPad would be awkward to hold should they make it widescreen. I still don't buy it. If anyone can do it, it's Apple, and watching true HD would be awesome
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)
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Multitasking (I've already got this on my jailbroken iPod touch, there's a great app called "ProSwitcher" which basically incorporates Palm Pre style multitasking management on iPhone OS. It is a treat to use and incredibly smooth/simple. Something like this for iPhone OS, without the hack, would be great, then again, I could always jailbreak the iPad and get it myself if Apple doesn't supply it, although there's always the battery issues that could arise. If Apple does multitasking on the iPad, then I fully expect some new way to manage tasks so the backgrounders don't eat up at the battery).
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Slightly lower price for 3G model/bump in space and RAM/processor.
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Newer screen technology (There's some neat innovations that should be coming out within the next year that reduce battery life usage and keep screen quality intact. Apple should look into something like this, especially if they want to boast battery life/multitask. The current screen is beautiful, just take it one step further).
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Front and back facing cameras (For video conferencing and...pictures? Not sure about backfacing, but front facing would be a must).
WOULD BE GREAT TO HAVE, BUT NOT ESSENTIAL
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Handwriting recognition technology (I know it's a finger touch oriented device, but an accessory that allows you to use the iPad as an actual "pad" would be awesome in some situations, in a conference, jotting down notes...it would require some repsonsive technology to be worthwhile, though. Also, as a student, if I'm in an economics class and I need to draw a graph my professor draws on the board, I'd rather not take a separate piece of paper as I do now, but have the ability to enter handwriting mode right in Pages and draw it on the iPad.)
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More independence from computer (Currently, you need a Mac/PC to use the iPad to its full capabilities. Jason Snell talked about this from Macworld, it would be awesome if the iPad 2 could be less dependant on a home base - meaning the computer -. Include a USB port to possibly plug in a camera and transfer photos/an SD card reader, for instance, instead of selling it separately. The iPad's got a filesystem, so I'm looking forward to Apple to find ways to move away from the computer and make the iPad a self-sustained product).
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Lighter/thinner. (I'm not obsessed by the thin factor that Apple keeps pushing for its products, and I believe in form and functionality, but make the iPad slightly thinner and lighter, and it's a total winner).