The iPad 4 now has a 128GB storage option. Would you want that amount of space on the iPad mini? The iPhone 5 has not only a faster Apple A6 processor than the iPad mini's A5, but a much better 8mp iSight camera to the mini's 5mp shooter Would you like either of those moved over? The iPod touch comes in a far greater selection of colors than the monochromatic iPad mini. Would you like to see the mini spruced up with red, blue, and yellow? How about rumored, next generation technologies like new sensors or fingerprint readers? Do either of those appeal to you?
Non-geeks find no pressing need to update to new versions of iOS devices every year, so Apple probably isn't overly concerned with wooing current iPad mini owners with the iPad mini 2. They almost certainly know first time buyers and people switching from other, less enjoyable small sized tablets will be the bulk of their audience. Current iPad mini owners are probably more likely than not to skip a generation or two, and by then a Retina display could be ready and waiting for them.
But back to the question at hand. If Retina really is off the table for the iPad mini update this fall, what would you like to see offered up instead? What else, besides Retina, does the iPad mini need? (Please don't say USB port and SD card slot - wrong company for that...)