Wouldn't be surprised. Something akin to Facebook's "short status in large text on a colorful background". Bummer for me though, the lack of that kind of content is the single main reason I like Instagram.

Making you come up with a photo worth sharing added enough friction to posting that people slowed down and only posted when they had something to post. As compared to Facebook where you can just be constantly status updating and sharing links, etc.

The one thing that I want it to do is take the big bursts of activity from a single user and collapse them into 1-2 posts and then "Expand 18 more posts from Bob...", but I'm not holding my breath. More likely they'll try for a fancy machine learning solution that's less predictable from a user perspective, but probably sells more ads because I'm scrolling through it trying to find where it put something.

That's what Instagram Stories are.