Thin cameras will always have minimal optics. Good optics will always be bulky. Sure, the features and sensor (I assume the sensor is greatly upgraded as well) may be great, but it's still not a threat to normal low-end digital cameras.
However, phones with optical zoom are beging to come out - such as the Nokia 93i and Samsung g810 - I hope this is a growing trend.
I think most will agree, it's not the number of megapixels, it's making every pixel look good.
About the features, I will love HD video recording & playback (watch a HD movie in my phone on a girlfriends HD TV set.) The screen & CPU may allow a real browser and apps finally (like on MIDs). The internet connection (I assume 4G) will be so fast, many or most people will simply not bother with DSL or cable modems, simply wire or bluetooth your phone in your PC or notebook for great broadband.