The future of computing as I see it centers around mobility. The computing device that I am waiting for is a phone-sized device with the power of a current desktop computer that I am able to carry with me everywhere I go. When I am mobile this device would function as my phone, web, and email client, utilizing a touch-screen interface, much like the interface provided by the iPhone. When I am at work or in my home office, this device would connect to a dock (or via wireless) and the user interaction would take place via more traditional keyboard, mouse, and monitor input and output. The device would need enough battery power to last an entire day, and enough storage space to contain every digital file I could ever need for situations when the device could not be online.
What makes this a desirable device for me is both the ubiquity and convenience it offers. Being able to take all of my documents, pictures, videos, and other parts of my digital life with me everywhere I go would be very convenient. Even more convenient would be the ability to connect to and utilize other hardware, such as keyboards, mice, larger displays, and so forth. Although we are nearly there today, the user experience just isn't quite there yet, and I find that their are still too many small inconveniences.
Although I think the device that I am describing is still a few years off, I suspect that I am not alone in this vision, and that it might actually be closer than I think.