You know it's going to have all the "new and improved" features the V1 should have had, it's how things work. Whip people up into a frenzy with V1's wonder features and keep them baited with the things they miss from their old mobile, then watch as everyone gags to get the old features back in V2:
-Bluetooth file transfer
-Native MMS Support
-Flash for camera
-Video recording (with sound!)
-Out of the box customisable ringtones, SMS tones and themes
-Applications (without having to JB it)
-GPS (ok not in v1, but increasingly popular)
I have heard some wacky reports that V2 will have a bigger screen, and larger capacity.
Emlyn, you're spot on about that poxy headphone port btw - such a daft idea on Apple's part. The only reason I can see for it is that they wanted to keep people using the boxed white buds as a means of providing free advertising to the fact you've got an i<insert device name here> in your pocket.