Fair ideas.

1) Consistent "Honeycomb" user experience.
2) Transition to on-screen navigation controls (Back, Home, Menu)
3) Unified releases (or release of ICSammich on its own)
4) Official Stylus support
5) Refined API's for most aspects (faster) or with new features (3D games, capture, playback).

I wonder what is Apple's moves?
1) 3.9" iPhone 5 with iOS 5.0 (some features stolen from android).
The A5 chip, 512mb RAM and 8MP camera with 1080p (2MP front).
Support for "4G" depending on carrier.
Less bezel, longer battery life (bigger battery), touch navigation/gestures.
A new gimmick/feature (Barometre etc) which is absent on the iPhone 4.

2) 3.1" iPhone Mini with iOS 5.0 (some features stolen from android).
The A4 chip, 256mb RAM and 5MP camera with 720p (2MP front).
Half price of iPhone 5; ie $499.
Less bezel, touch navigation/gestures.
A new gimmick/feature (Barometre etc) which is absent on the iPhone 4.