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My prediction:

Announcement will be made on E3 next year.

Release 4th quarter 2012.

- It will have two or four times the power of a PS3.

- True HD

- Some new unique way of controlling the games.

- Standard Controller will be included as well.

- It will use optical media, most likely blu-ray.

- Better online infastructure.  Friendcodes will remain, but will be universal like the 3DS.

- Harddrive. Something between 250 and 500 GB.

- Backward Compability. (If it uses a similiar controller to Wii)