Other than more RAM and capacity bump, I don't think there will be other significant upgrades. Apple really wants to keep the $499 price point, so I doubt we will see a retina display at the size of an iPad that soon. It would be very expensive. Front facing camera, maybe, but then Apple have always advertised that you can use an iPad on any orientation. Having a front facing camera would negate that advertised point.
What I want to see is better wifi/better antenna. Just with many people, I am also experiencing random disconnects, slow throughput, and low wifi signal on my iPad, while my other wifi devices have no issues.
I also want to see Apple shave some of the weight. The iPad is quite heavy. Maybe by next year they have an even more optimized A4 so they don't need such large battery. Stereo speaker would be great too.
My guess is next year, it will be just a minor refresh, with more capacity for the same price point (32GB for $499, and the highest will be 128GB). I mean think about it, design and pre-production for the next iPad probably has started already, and seeing that they are still struggling in terms of mass manufacturing, the hardware of the next iPad will most likely the same.