The first thing is: The comparisons to the iPhone are silly. There are a dozen reasons why the iPhone is what it is, and none of them can be recreated. I still believe if you look at the lack of development of the iPhone and iPad over the last 18 months, you can make the argument that Apple may have peaked. That may be more evident if the iPad 3 continues to be pushed back and than is just a slight improvement on the iPad 2. That is for a different thread, and I will happily make that argument and get beat up for it than.
As for the Windows Phones improvments, there are some basics, most of which are coming: continued app development, high def screens with better res, LTE, better intergration with Windows PCs. I am taking a more general route: Why is Android so freaking big, and Blackberry shrinking so fast? The answer: Android has so many options, while Blackberry is basically the same phone over and over.
Windows needs diversity. They need to have a set of devices just aimed at buisness. They need these WP's to be tightly intergrated into Word, Excel, Power Point, and all the security that any professional could ask for. They also need gaming centered devices- basically, XBOX's in the palm of your hand. They need a line of Zune music players cleverly disguised as Windows Phones. For those two lines, they better have large storage options if expandable memory isn't an option (most gossip I hear is that it is never going to be. I am have no firm references for that).
More or less, I am worried Windows Phones will try to be a jack of all trades while mastering none, and then only be in a position to fight for third, never first. Microsoft has got all the software experience since software basically began. These are not too large of hurdles here. I think manufacturers would be all in if Microsoft launched this type of attack on the mobile world.
As for me? I am fairly easy. I just want all my screens to work in landscape, and a couple of physical keyboard options in two years. That's all. Is that too much to ask, Microsoft?