I'm definitely hoping for some exciting announcements regarding WP7, but I'm also totally ready to be disappointed. Again.
There's some NUI sessions that seem interesting but I doubt we'll hear any amazing announcements, save for perhaps some details on the Kinect SDK (but not the SDK itself). If there's Silverlight on Xbox (which I doubt), I expect it to be Silverlight 2 or 3, for some reason. I don't know, I'm not really expecting anything huge.