According to a series of rumors and as-of-yet unverified reports (out of the far East, as these things often are given how much of the manufacturing process for these devices occurs there), Apple has plans to make only minor revisions to the iPad 3 prior to the launch of the next version of the tablet.
The more moderate updates expected to be seen on the new iPad include a redesigned battery that could make the device lighter and thinner while addressing the overheating issues that some users have complained about. The other change appears to be to the lens hole which would be enlarged on a subsequent device, though no reason is given and it isn’t clear what benefit that would have (though I wonder if it’s somehow related to the considerable number of accessories behind developed for the iPad’s camera system).
These same reports seem to suggest that Apple is readying the fourth generation of the iPad for a release this fall, but that it hard to believe. Apple has well established a March launch schedule for their signature tablet and to deliver a new version earlier would be out of character (and they rarely act out of character). Now, if rumors of the ‘mini iPad’ coming out later this year prove to be true, it may be possible that a more modest reboot of the iPad 3 could be on the agenda (an iPad 3S perhaps) but even that is a real stretch.
What updates would you like to see come to life on the next generation of the iPad? I doubt anybody would complain if it were thinner and lighter and there will always be a faster chip and more RAM that could be would be nice, but what is the device lacking that competitors have? The one thing that keeps coming to mind for me is that it would be nice to see an iPad with 128GB of storage (or larger).