I really want a microSD slot. Shared with the second SIM is OK, but please don't exclude it entirely. And/or more internal storage.
I'm on a Pixel 2 and am generally satisfied with the size of that phone, but I could live with smaller. My biggest problems are that 1) google screwed me with a non-unlockable bootloader when I sent it in for repair, so the software is slowly rotting and 2) I keep running out of storage. Other than that, the phone is basically fine.
From the reviews I've read, the Snapdragon 8 Gen 1 likes to draw way too much power and then thermally throttle - so probably not a great choice for a small phone (with both a smaller battery and less surface area to dissipate heat.) But, this phone probably won't ship this year, so maybe they'll have something better out by the time it does.
I wouldn't put "Hole punch front camera" on my "desired" list, but eh, it's not a dealbreaker for me either. I'd rather have a little bit of top and bottom bezel with decent front-firing speakers, and then stick the camera in the top bezel. Kind of like the current Xperias, only shorter.
Headphone jack would also be nice to have, but also not a dealbreaker for me.
Oh, and video output over USB-C would be another nice to have. I think it comes built-in with most recent Snapdragons, but Google seems to go out of their way to disable the feature...