The current model holds NO premium over the Macbook Pro line, and NEEDS a price drop. When it first debuted, it had the first unibody enclosure, black-backlit keyboard, non-removable battery, multi-touch trackpad, and an amazing screen. None of these options were in the other notebooks. There were also expensive research and chip costs.
All of that is gone now. The screen is crap (due to the line issue-only Rev A had a great screen, which I still think is better than my 13" Macbook Pro's), the trackpad button scratches the bezel, and every other option in the Macbook Air is found in the Pro line.
Should they keep it 13", it NEEDS a price drop since it offers nothing over the Pro's, and must cost less to make.
If they go 11.6", 16x9, which I believe they are, then I also believe there will be a price drop. The premium price thing didn't seem to create mass market hype, so they are going to try and make it more affordable. Not garbage, but not a high-end premium machine.
Personally, what I want:
(1) High quality, LED IPS screen (NO LINE ISSUES!)
(2) 4-8 gigs of RAM
(3) No Intel Graphics
(4) Glass Trackpad
Those are enough to make me go back to the Air, and are in order of importance. I will not buy one if the line issue still persists.
It will have at least 4 gigs of RAM. Can't say the same thing for the Intel graphics or trackpad, but I can hope.
The only other issue is battery life. 5 hours is not enough for me. It would need to push 7, which I also doubt will happen.
I hate to say it, because I love my 13.3" display on the MBA, but I would happily go 11.6" if that led us to either OLED or an IPS display at the least.
However, by going to 11.6", I fear that Apple would find it acceptable to use Intel's IGP... and that's not acceptable under any circumstances. I hope that isn't the thought process. I want to be able to use OpenCL, OpenGL, h.264 with excellent drivers and I want to be able to drive my new 27" LED ACDs. I just ordered three of them. I would be devastated to discover that the new MBA cannot drive them. In fact, it would be the end of my use of the MBA, I think... don't hold me to that.
Another thing, if they go to an 11.6" display, they have to reduce the bezel size so it's even smaller than the current gigantic ones. I am using a 15,4" MBP right at this second, not mine, and it has a tiny bezel compared to all of the Mac notebooks right now. I don't understand the big bezels. Apple can make them mirrors for all I care as long as they're small like on these older MBPs.
I believe the glass trackpad is the biggest no brainer ever. I also believe that 4 GB and 8 GB would be offered as they're offered on the other Macs right now... and if Sandy Bridge were to be used, hell, it could accept up to 16 GB with four RAM slots... ok, that's dreaming.
However, your list seems to be acceptable as a way to move to the 11.6" MBA. BUT, I still don't think it's the direction Apple will take. John Gruber has a lot of inside information, and he never made any assertion as to a change in display size or ratio on the new MBA. He didn't say much, but that's one thing I think he would have revealed if true.
We also have to consider Apple's love for Nvidia's GPU along with C2D. I wouldn't be devastated at all to get another C2D CPU with Nvidia 320m which is still a hell of an upgrade... as long as everything else were correct. Larger SSD, 4/8 GB RAM, IPS display, glass trackpad, and a 3.0 USB port.
I just think the 21.5" iMac which is part of my MacFive tells us that Apple will go Intel Core i-series CPUs, and ATI GPUs, in the MBA, MB, 13" MBP, and Mm with their next updates. I know some say it cannot be done, but I believe it can with a widening of the thinner points of the MBA. If the MBA were .65" thick across the entire case, I believe Apple could make it work with an ATI 5430 GPU. It uses a 7W TDP. In addition, the series of 54x0 GPUs could be used in the other four MacFive with their next updates... 5450 is perfect for the MB, and the 5470 would be excellent in the 13" MBP and Mm.
I cannot wait for the next couple of Tuesdays or to hear of a live event would be better yet.