WebOS has a capabiliy of becoming a major player in the market. The internal hardware of the phone is very nice and high end but it is being run crippled with the GPU turned off. Turn that and run the CPU at full speed and the it will be one of the fastest phones on the market. I installed a patch that cranked the CPU from stock under-clocked 500Mhz to the original spec 600Mhz and it made a world of difference.
Next get exterior hardware. The Pre was fine in design but real world has told us that as it was spec'd it can't hold up to daily wear and wear. A larger screen is a must. Personally I would really like them to take the Droid form factor. Fix the flatbread keyboard and put that out as an awesome phone. We should hear something of Pre 2 at CES in January.