I agree, a phone makes it far more expensive (see iPod Touch vs. iPhone, $300 price diff for only a GSM/3G chip) and tempting for a single operator to rip you further off with a 2 year exclusive contract.

More wishes:
- screen size at least 4.1", preferebly 5" and no beveled edges which makes touching near the edges easier.
- better a 4 rows keyboard
- better handwriting recognition
- faster processor and more memory

I know, the last wish costs more battery power, but why not a 'boost / turbo' mode which is only enabled on short processor intensive jobs, such as ' step to 1GHz and enable 1GiB internal memory' for a while and then revert to, say, 500 MHz and 256MB.
They can better leave out a camera as a camera of this size does not zoom and can only take reasonable photos in full daylight as the sensor is way too small (unless you make the device at least 2.5 cm thick....). A GPS they can also leave out unless it is MUCH better like in most modern BT GPS devices.