I still think 4.0 will be more of a collectable mini game than a classic RPG. What you you "PC" has isn't determined by the game play but by how many booster packs you have!!
Its pretty much here already. Expect new books, one for each class with PrC's, abilities, magic items, feats, etc.... which will now be known as a "Codex™." These Codecies™ will be in increacing levels of power as they're published with whichever one's most current being more powerful than all others before.
Second, your miniatures which are required and in a very TSR/WTC move will be trademarked "Combat Figurines™" (in a move to make fans of The Nazi™ and Tapping™ cards happy) will be specific to your character type. You'll be required thusly to have a Combat Figurine™ that's seen weilding two weapons if your character does. What's more, your character must dress identically to his Combat Figurine™.
Further, a new edition will be released every year. This edition will do its best to nullify and relegate away any and every rule/class/ability of the previous edition (although it may be identical to an edition published some time ago). If you want to continue playing in public you'll need the most current form of the rules (although you may play at home and in secret with previously published inferior rules). What's more, you'll only be allowed to discus the most current edition online in officially sanctioned messageboards/forums. Of course ones like Enworld which are not owned by WotC (or an affiliate) will still exist, but you'd not want to talk there anyhow since its not as good as the official™ message board and is mostly populated by those freaky old guys who only play older editions and grumble about attack matricies (the Official™ Messageboards will automatically filter out such archaic jargon such as this in your best interests).
In time the concept of printing new books and editions frequently will be abolished. Instead you'll buy an E-book™. This book will lock down after a few months and you'll be required to slide your credit card through the first chapter to pay for an update (which will also conveniently update all characters you have and will be accurate and bug free, much like WotC/TSR's editors).
Ok, that wasn't very serious... Well ok its a slight fear of mine but its mostly satire from someone who sees this literally happening in the miniature gaming industry and is amazed that it works so well for certain unnamed *cough GW cough* companies.
That said, I do agree with almost everything (95%) of what Monte's said.