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Lets see..

-No RROD issues like the 360 had
-Buy several more 1st party studios
-Continue support for established games like Halo, Gears, Forza, and Fable, but also create several more new IP's
-Continue to support kinect
-Continue the amazing support for XBL and XBLA
-Expand apawn the Live TV service that will come out this fall because it could become huge.
-Continue support with 3rd party developers
-Blu-Ray or some other format
-Reasonable price at launch
-Backwards compatibility