My number one hope for the next iPhone
"The best camera is the one you have with you." Thus, the next iPhone needs to finally obviate the need to carry another camera. OIS is sorely needed, but the microphone is just as much a sore thumb. Given that the rest of the phone's features range between good and great, the any-other-smartphone-killer for Apple, would be an iPhone with a truly great camera. One with both OIS and a quality microphone included. If someone can step up to the table, Apple is definitely among the bunch.
As the iPhone 5 stands now, you can't use it for anything professional, because the microphone clearly was neglected in the design process. Fixing this (and hopefully adding OIS) would actually make it a viable camera, seeing that Apple won't have any of Nokia's inexplicable white balance issues. Neither will they have low framerates in low light, like HTC opted for with the One.
The embedded clip is a typical example of why everyone hates concert footage from phones. But obviously (as seen from the 920), it doesn't have to be this way. All parents could use their phone to film their kids, and my friends and I could capture memories together without worrying if those memories will be disappointing to behold afterwards. Artists (etc.) could even make decent behind the scenes footage.
The next iPhone could potentially be the first real camera-phone.