My must haves for the next Treo are:

1. Native Wi-Fi
2. More useable memory
3. Bluetooth 1.2 or greater
4. FAT32 (SD1.1?) Support

I would be willing to reconsider if a third-party comes out with a SD Wi-Fi solution and I won't settle for that Wi-Fi sled thingamajiggy. If it doesn't have those three, I will not be adopting it and will instead stay with my 650.