I would hope the hardware revelation is some sort of hard drive and some new content services for the added capacity. Can't wait to find out though.
As for a possible next handheld we should be getting close to announcement or at least rumor time. However, Nintendo is dominating the handheld race so like the NES, Gameboy, and PS2 I wouldn't be surprised if Nintendo stretches it out before releasing the next DS.
When it is finally revealed I'm pretty sure it will be somewhat more powerful than a Gamecube. Nintendo's hanhelds are always somewhat more powerful than 2 generations behind. So around 500-600MHz processor wouldn't be surprising (the Wii's CPU would use around 3W at that level, a more efficient design in 2-3 years would be even lower). I doubt it will be disc based, probably 1 or 2GB flash cards at first and 4 later. Pretty good considering the GameCube used 1.5GB disc.
