I will be disappointed if there's no SDcard.
MTP protocol bites the big one for transferring files. And if this things camera is as good, or hopefully better, than the Galaxy S2's camera, I will definitely be using it to take a lot of 1080p 30fps footage on trips. I need all the space I can get. And transferring 500MB - 1GB mp4's off of MTP is not a fun day for anyone :-\
That said, internal storage doesn't need to be more than 16GB's like Speedygi said. I however disagree with cloud storage. Sure it's nice for somethings, like streaming your media files or backing up documents/photos/etc. But for somethings, like games and planned flights where you have no signal, it's important to have the option to load in an SDcard filled with your favorite movies in HD and have it there with you.
Either way, this device is going to rock. But let's hope for an SDcard