I have no special knowledge beyond following Apple as a company for 15 years and using its products since the early 1980s. I have a feeling now for what direction Apple might take, even though I've never been able to predict a specific outcome.
What Apple won't do
There is no iWatch. A watch has never made any sense, but it's the only thing that analysts and Apple's competitors have, apparently, been able to think of as a next logical device to make. The history of technology is littered with failed computer watches; Microsoft has gone through two bad iterations itself. If Apple's partners or spies have seen an iWatch, it's more likely a feint to throw competitors off. Apple does put out false scents!
Apple is not going to buy a cellular operator. This comes up again and again. T-Mobile would have been the only firm that would have made any sense in terms of scale and availability to purchase, and besides Sprint attempting to acquire it, owning a carrier puts Apple in direct conflict with other carriers. It doesn't need the hassle and competitive trouble.
No one should expect an integrated Apple television set. For years, the only companies not losing money on TVs are the companies that are vertically integrated to make the screens and the TVs, like Samsung. Many companies lose money making TVs, but they can't exit the industry because they need to sell integrated entertainment systems, and the loss of revenue would reduce their scale of operations, too. People don't spend enough on TVs nor turn them over fast enough to represent a market worth entering at the scale Apple would need to. Sorry, Gene Munster.
What Apple could do
A wearable hub that doesn't present itself as a thing you wear on your wrist. Apple's Health initiative shows the direction. An iOS device is the heart of Health, and expect a wearable thing that integrates with smart clothing (particularly sportswear that could track heartrate and other factors). Instead of delivering another visual display with limited capabilities, like a watch, Apple more likely would deliver information through haptic, vibratory, and aural feedback. An Apple wearable will more likely be an iPod nano style device that plugs into clothing, and uses Bluetooth for comms, than a watch.
A Retina MacBook Air. This has certainly been on their road map all along, but the time is coming where some tradeoff or transition point will occur: they will either be able to produce an Air with an efficient enough display and battery to keep the weight the same, or they will eat a few ounces and make it heavier to get the better display on board. Instead of a "12-hour" battery, buyers might be fine with an "8-hour" Air with Retina, too. It seems like this could be a fall 2014 item, but I wonder if they'd wait till February 2015 for cost issues and alignment with when they introduce Mac hardware.
A revised Apple TV that incorporates a base station. The Apple TV is essentially already a base station, and with a little more processing power or a co-processor, it could easily handle an AirPort Express's function alongside its TV features. As a base station, an Apple TV could better manage throughput and other factors.