This a perfect portable system would be like. Timeframe - within five years:

• Resolution of paper. 1000 dots per inch (dpi).
• Touch screen keyboard.
• GPU integrated with RPU In addition, new object modelling techniques based on algebraic geometry have the potential to further increase graphics speed by a factor of ten.
• Memory 100 Gigabytes of PRAM. 32 core[1], 100 GHz procesor.[2][3]
• Bandwidth 4G Network. wifi 1 Gigabyte per second. Bluetooth 1 Gigabyte per second. WiMax 1 Gigabyte per second.
• Camera one in front one in back. High definition movie quality video. video phone. A MEMS based projector would be incorporated, alongside the camera.
• Power Fuel cell.
• Capabilities Speech recognition. GPS navigation. Language translation. Download videos. Live T.V. Google search. Water proof. Can replace a credit card. MP3 player. Radio.

Further reading

Rather than wait for some anonymous engineer deep inside some big company to build exactly the mobile phone they want, the Home brew Mobile Phone Club is taking matters into their own hands. Download their plans and make your own improvements.