ok, let's throw my list in the mix.
net/notebook form factor.
Screen
I agree LCD's cost a lot if you go outside mainstream, but there is a reason why I still use my old Dell C610 lattitude laptop, it has one fo those nice 1400x1050 14.1
non glaring 4:3 screens. It's just "spot on" as resolution vs physical size.
Seen everybody wants a 16:9 or 5:3 screen nowerdays I guess i would be happy with 1366x768 (10") or 1440x900 (11") resolutions.
That smaller stuff like 1024x600 is just such a pain. simply not enough pixels.
And also non glaring would be nice, I look at a screen to see what's on the screen, not to see myself
I don't see the need for Touch on a laptop , only when you use a tablet style device. It's "cool" but why poke at the screen if you have a keyboard in front of you?
In general laptop who you can become tablets by swivel the screen have 2 flaws, they are heavier then a tablet itself and the swivel thingy is often clumsy or fragile or combination of both. Making something swivel in a decent way costs $$$, maybe then consider better a "real" tablet
Pixel Qi type screens would make a wonderfull (if they promise up to expectations) thing, but I doubt this is realistic seen the novelty of the technology and the $$$
CPU
Should be able to decode 720p, not as much to see 720p on the screen, just to avoid recoding of all your files - lengthy process.
IF the cpu can do that then it will be fine for other "normal" jobs (browsing, etc ) also...
DSP is nice, but they are underused so I would focus more on the cpu.
GPU
nothing fancy here, I guess any recent ARM chipset has a nice range on offer, I would be more concerned if there are decent and open source drivers (or blobs that are well maintained) then the actual specs, no sence to have a superdupe GPU but no software that can use it.
RAM
1gb would be nice, better more and tad slower then less and faster ram IMHO
Storage
A SATA interface is really needed when wanting to have a HDD or SSD, USB just doesn't cut it. And a ESATA is always nice to have.
I find the idea used by the touchbook, to have internal USB slots, good. What this has to do with storage? Forsee a place for a sata HDD (for the people who want lot's of GB or fast SSD) but also forsee a internal SD slot (cheap solid state alternative) that can be used a boot device. on the other side of the HDD bay forsee a internal USB port - don't use a HDD? now you can stick a rather big USB thing in this.
External SD slot is mandatory, 2 would be even better ...
Network Connectivity
WiFi (802.11n with 5 GHz would be nice, if no 5 GHz then 802.11g )
BT (2.1 + EDR ).
Ethernet (100Mbit seams enough) - you just can't beat a decent network cable in terms of speed.
optional 3G would be nice - but 3g Mini PCI-Express cards seams quite expensive and then the laptop needs to have a sim slot . USB modems are often modded in netbooks. Depends mainly on additional cost for people who don't use the 3G.
Other Ports and stuff
as many USB as you can, at least 2 who are rather close to each other so you can draw more then 500mA for a 2.5" disk without pulling the split cable apart
one combined ESATA/USB port.
HDMI.
3.5 mm headphone jack
3.5 mm mic in
Speakers not made of altoids tin cans
A hardware volume control (like pandora or volume buttons above keyboard) that works for both speakers and headphone jack.
Battery size: life of at least 10+ Hours "surfing" (= not lowest brightness with no wifi and so on stupid sales brochure figures)
Keyboard - steal the ones from a Asus 1000HE.
A touchpad that has some size and that you can actually see, also 2 "mouse" buttons that don't click when breathing or that you have to hit "right on THE spot" would be nice. Multi touch is cool and so but I prefer accuracy and responsiveness, which seams lately not be very high on touchpad makers list.
Webcam - I don't care about this but it seams mandatory these day's to show the world you're chatting naked, if you include something please make sure it actually works more or less in low light.
Kensington slot
finish - please don't make it a mirror, slightly "rough" surface so that if you take it it doesn't slips out of your fingers/hand would be nice. Allow all colours as long as it's black (no silly "accents" or annoying bright (bleu) leds please)