I would add:
1) at least 2, better 3 or 4, general purpose PPC cores in its version of Cell and at least 4GB RAM, better 8 to benefit also its use as a home PC with personal productivity SW
2) full BC with PSOne, 2 and 3
All this in 4 years should cost to build, even since launch, less than what it costs now to build PS3, and this leads to my 3rd point:
3) a launch price (sustainable, at most with $100 loss per console, but better with no losses at all, not wildly under price like PS3 at launch time) at most $400 for the lower end model and at most $500 for the top end one.
Obviously, if they don't like suicide anymore, simultaneous worldwide launch, never again clumsy and sorry figures like limited launch due to blue laser shortages and such other things.