It's already on sale in Asia and Europe. Those places are 2 years as far as Corolla engineering cycle goes (Corolla was introduced in Japan 1966, in U.S 1968).
So you can see much of what's going to come by looking at the Japanese model. However, there will be minor differences in stylingl, options and emissions.
Corolla won't get a larger engine, but will get a stronger engine. It's a newer version of the current 1.8 liter 1ZZ-FE engine with VVt-i. It's upgraded to make 136 hp for Corolla currently selling in Japan. However, U.S has a stricter emission requirement, and consumers also consider low emission an important factor, so expect the engine to have somewhat less of an output for the U.S version. A safe bet will be 130 hp (up 5 hp), it's also the official engine power listed for the upcoming Toyota Matrix, which is based on the next corolla platform.
The car is considerably larger. It's over 5" longer, over 3.5" taller, and over 1" wider. The Japanese Corolla's trunk holds 14 cu ft of cargo, which we normally would see on a midsize car in the U.S.
The Japanese market has a 4WD version of the Corolla. Whether we will get it remains to be seen, but it's rather unlikely. Also, they have a 190 hp Toyota Corolla Fielder wagon. We probably won't get this either, since we are getting a 180 hp Toyota Matrix wagon/SUV hybrid.
The normal 2WD version has modified struts for suspension front and rear, with the 4WD version having a double wishbone suspension in the rear.
The interior has been spiced up, with more luxury looking material, and use of fake wood pannels. So we won't be just looking at plastic and fabric. Again, styling and design is subject to market changes, and we won't know just exactly how it looks.
Safety features, besides the usual, include side airbag, and whiplash reducing head rest, and of course the bigger over all size of the car will help.
You can check out some of the export models for other Asian countries as well. here is a link.
I rather like the interior of the car, with the flowing dashboard (instead of the vertical drop) and all the fake wood trims. Of course, the extra added fog lights are a nice addition.