FORZA 5

Besides the games like Halo 5, Fable IV or a new Gears I want them to make my Xbox as connected as my smartphone. Sure I can surf the web now, but calling / texting other people with skype would be a start. Maybe a proper videochat integration with Kinect.

I bought quite a few BluRays recently so I want the next Xbox to play those as well.

Not Horizon 2?

Always online and blocking used games!

Kidding.

Blu Ray would be a nice feature. Game-wise: Borderlands 3, Gears 4, Elder Scrolls 6, new Rare game that isn't some stupid Kinect nonsense..

Crackdown 3. Or, I'd love to see some type of Destruction Derby/Demolition Racer game.

As for features, idk. MS always blows me away with their online innovations. Idk whats coming but I expect it to be great. With the improvements Sony showed to PSN, I expect MS to stay that far ahead.

Free Xbox Live!!

Blu-Ray would be nice but only if it's done by special chips meaning I want the NextBox to have a "media-mode". The arm-processor is running and dedicated chips will ensure media-playback. No need tfor the apu to run so that power-consumption is low.
I also want it to have bc and please not bc via streaming as Sony will give their customers.
I want a new Forza, GoW and Halo, also good new IPs. 3rd party support will of course be strong as it is today.
I *don't* want a totally redesigned controller as the current one is perfect to me.
I want it to look somehow sexy (WAF) and I don't want it to be as loud as the first 360-versions.
I don't want any RROD.
I want it to play mkvs! But I don't think this will happen. I also want it to be compatible with my harmony remote ;) I don't want to use kinect :( the room is too small for it and I think it doesn't look good on any tv.

In terms of features I can't really think of anything. But in terms of games I'd like another Forza spin off similar to Horizon, absolutely loved that game. Of course the usual Halo, Gears and definitely hope Lionhead can bring the Fable franchise back to respectability. Otherwise 2-3 new quality IP's would be great, and some fun arcade games such as Battleblock Theater, Trials Evolution, etc...

Any IP owned by MS would be nice for me personally. Also some new IP's would be great and continue to add great apps like Crunchyroll and Youtube.

any new Forza will be enough for me