The Vita has been $199.99 for a while, I think by 2015 Nintendo could get a slightly larger screen (5.7 inches?) but they could just use a regular LCD, nothing too fancy. Nice quality, probably like the newer Vita revision uses (rather than OLED).
I think portable chip tech has started to improve quite a bit since the Vita came out, so Nintendo could probably get a chip a good deal more powerful by next year.
ARM CPU + NEC GPU (G6200?) perhaps. I like the idea of a slider design like this:








