I can't say that I'm an expert with E-Ink devices, but here my humble opinion for your theories:
I don't think that we will soon see E-Ink devices with Android 5.x or 6.x. If we will look at the development of the Android 4.4 version for the Onyx Boox series (see
here for the updates) you will see that the development for it has stopped in November last year. Since then they've only been updating the Android 4.0.x port. Also if you will look other manufactures and devices you see that they either work with their own firmware (like Kindle, Kobo, Pocketbook) or they use also an Android version which is outdated too (Icarus Illumina/ Bouye T61 with Android 4.2).
So in my humble opinions I don't think that we, unfortunately, won't see readers with a newer Android version soon.
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2) An 'improved' lighting [n96ml]
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Maybe for smaller screen sizes, but not for big screen with a diagonal over 9 inch. The manufactures like Onyx, tolino, pocketbook, etc. only uses panels from other enterprise. So for example the Onyx Boox M92 used (so I've read it on the Internet) the same panel as the Kindle DX. But here we've got a problem. There aren't many panels with lighting on the market available, so I don't think that there will be huge development in this sector, cause the 9 inch and above readers are only a niche product.
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3) An 'improved' design to hold the screen
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Very possible. There were changes between the M96 and M96Ml. So I think additional changes would be possible, especially as the manufactures will only have change the enclosure and the position of the buttons, they don't need to change the screen or the mainboard.
PS: Thanks for the correction of the blooper in my screen topic.

As you can see, I’m not an English native speaker, plutôt francais und Deutsch