according to reports, scratch that, gossip, google will release their own phone start of 2010. And from what I have read between the lines, it will be a vast improvement over current Android phones.
A vast improvement for me would be:
-native and tested SDK for 2D and 3D interactive content (runs Unity 3D and Blender and Flash)
-a keyboard peripheral (portable, possible can fold), that can be attached for serious typing
-accelerometer and GPS (even if add-on or upgrade)
-a good camera or a replaceable / updateable camera (can any phone do this-why not?)
-decent battery settings for maximum battery life
-can hook up directly to external monitor and run that monitor at full display settings (the impossible dream).