Well, I don't think Sony will take as much of a loss per console as they did with the PS3, which should result in removing less stuff from it.
As far as the graphics are concerned, both MS and Sony need to put something relevant in there, because I want native 1080p for consoles and better engines for the PC(!).
Backwards compatibility? Pf, I've pretty much written that off, and am interested in what MS will do (hell, at least they tried instead of sucker-punching their fans). I think they'll push PS One compatibility to the Vita, because to be honest it's getting a little old of a trick, and my laptop does better upscaling/rendering than their emulator.
And for the love of consoles, Sony, don't give us another new disc format. Bluray is fine for now, leave your trojan horses in storage. Oh, and before I forget, both major players PLEASE don't slap some evangelical tech in there and fail to cool it properly.
I think they are waiting for MS to see what the status quo will be.