eMMC Storage does not have to be slow nowadays. It may not be as fast as an SSD, but for everything you throw at this mini Laptop it is very unlikely to be the bottleneck.
R/W of 200/100 MB/s and 4k IOPS are quite affordable and
R/W of 120/50 MB/s and 2k IOPS are really cheap (and still way better than the average HDD except on linear writes)
We will have to wait to see what they use.
Also such small SSDs are still quite expensive I think.

323 PPI is only a bit higher PPI-wise than 800x480 at 3.5" (267 PPI),
I would not accept anything less than Full HD for any laptop I get, even such a small one.

Regarding active cooling I also doubt the benefits, but they can't make the case thinner anyway, the ports wouldn't fit.

The power button is placed poorly, but it should be easy to configure the OS to respond to a press accordingly.
And yes, a LED would be welcome, Actually I would like a configurable status LED even more than a power LED

The FN key will be annoying.
I use a Lenovo for a year now and its still annoying because on every other device its the other way round.

Resistive Multitouch would be awesome. Even two point.
Also I would love to have an integrated LTE modem
(and a bit smaller, and make the screen a slider and ... )