in general, hardware improvements will drive new swanky software, and make computing on smartphones closer to a first class citizen (remember motorola's laptop+phone dock, where the phone powers the laptop?).

another big pain point is battery (and battery consumption). still waiting on hardware (and software in conjunction) to get more efficient. you'll remember how power hungry PCs were in the beginning and how much better they are now (laptops notably).

feels to me like we still have many years to go, and many more "big" technology investments.