All fair...but would the SP4 - indeed, could a potential SP4 - be that much better than the SP3 or would that difference be at best marginal? I think, as
@InspectHerGadget points out, "...the flattening trajectory of mobile device development means it will be a much smaller step forward than the SP2 to the SP3" and
@GoodBytes provides us with some interesting info that supports this with specific reference to an expected SP4.
From a really lay perspective (mine, that is!), I see three key areas where any further improvement - hardware-wise - to the SP3 form factor could take place or even - stretching it a bit - possible. First is battery-life. This is - in a manner of speaking - virtually written into the very concept of the Surface. Second, screen and related matters. Perhaps a slightly larger screen (by reducing the bezels - at the cost of grip-ability?), a higher resolution, better digitizer and Pen capabilities etc...etc...And, third, perhaps try to (i) rethink what can be done about the KB - if any thing at all, and (ii) make sure Surface devices have a set of simple covers - like the existing KBs, but without the typing mechanism. Just a cover and only a cover. This would be very helpful for the non-Pro series - and the Pro series would also benefit by it. It would, among other things, reinforce the tablet aspect of the Surface line. Oh - and they should be bundled in with the device and included in the box for free.
Beyond that what? No fundamental change of chassis design is possible since the new versions have to be compatible with the SP3 (and potentially S3) dock. Change in colour? I would love MS to reissue the SP4 in that dark colour that the original Surface RT was released in!!!!