I pre-ordered both books the day after the 4E announcement, for what that's worth.
My hope for W&M is that it doesn't focus much on future settings. I really don't care what they do with FR, Eberron, etc. Plus, those things deserve their own books for people who play those settings. I guess I'd be OK with a page on each.
Continue the trend with underlying mechanics and design philosophies and some fluff background on major monsters and NPC races. How to build worlds with a 4E philosophy, how to design encounters with a 4E philosophy, etc.