Weight/overall design..I actually prefer a heavier phone. Whether it's true or not, it makes me feel like it is quality and premium. I don't like light phones. I do like the squared off design of the 12 series but I also loved the rounded design of the 6-11 series. What is more important is the weight of the phone being slightly heavy and not flimsy or hollow feel.
Screen is important. I would like 120hz of course, but I'd also like to see the Pro Max bumped to 6.8 or 6.9 on the screen. 6.9 would be my ideal phone size, no bigger than that but a little bit more wouldn't hurt. In fact I'd rather see 6.9 and the same refresh than 6.7 and 120hz. That's just me. I really prefer big phones. I didn't start using an iPhone as my main phone until the 6 Plus came out although I loved the iPhones prior. I just feel like my eyes prefer big screen. I can one hand a Pro Max with ease as I have big hands, but even if it became a two hander I'm ok with that honestly.
Battery on my 12 Pro Max has been insanely great - no problems there. My 11 Pro Max was also equally great. The XS Max however was a disappointment in battery life. Keep it the same on the Pro Max or bump it up, either way. I have 0 complaints. Some iOS versions might make minute changes to that but it's still a charge every other day kind of phone.
Camera I'm pretty happy with but I wouldn't say no to a 4th lens in place of the LiDAR Scanner. I think an additional lens is great. Megapixels aren't everything, but the quality of Apple's lenses handily beat the 108MP gimmick of the S21 Ultra from Samsung. But if they keep it the same I'm ok with that too. I still feel they are the camera to beat only rivaled by DSLRs at this point. The Pixel's software can only go so far, and Samsung cameras are just not great IMO.
Touch ID would be a welcome addition but I find under the screen fingerprint readers highly unreliable as seen in the Samsungs. Putting it into the power button like the iPad Air is the way to go. So put it there and I will absolutely use it.
CPU/RAM is a funny one in that iPhones are never slow to me but I always get excited about the new chip. I think 8GB RAM in the Pro series would be cool to see, but with the 6GB introduced last year, I have no problem keeping that for a bit. It still requires far less than Android, where as I wouldn't touch an Android phone with less than 8 at this point. 4GB iPhones are still blazing fast for most people. And 3GB iPhones are still getting updates and still usable for most. That said, I always want more so give me 8 this year like the M1 iPad Pros and we will be good to go for a long while. And if they are doing that, at some point bring the 6GB to the regular models as well if you are bringing 8 to the Pros.
Storage is fine with a 128GB starting point for the Pros I feel. I go for the 256GB always but I don't think 64GB is enough for a Pro-oriented iPhone. I would perhaps like to see 128GB starting point across the board though even though I don't buy the regular models but it would be nice to see Apple to do that for those people as well too.
TLDR: 6.9" screen with or without 120hz (preferred 120hz), 8GB RAM, Touch ID on the power button, 4th camera lens
Overall the main thing I would like to see is a bigger screen on the Pro Max which is the model I always get.