Recent reports of an Apple AirPort device stock shortage in stores have suggested that a revamped version is getting ready to ship. It's also been tipped that the new AirPort may feature new hardware to help it expand beyond basic networking duties. This change is also believed to be linked to Apple's new iCloud service.
It's speculated that the new AirPort will feature either an A4 or an A5 processor and would use a modified iOS platform. This boost in computing power for the wireless router could be to give it more control over networks with multiple simultaneous clients. But, it's also believed that a more intensive backup option could require more computing power as well.
The revamped AirPort is also rumored to have a tie-in with the iCloud service to be unveiled at WWDC 2011. Given the iCloud's reliance on connecting to the internet for streaming and storing content---music and possibly movies---a more powerful AirPort may certainly be needed. However, the event is set to focus more on Apple's software developments, rather than hardware, so a new AirPort unveiling is unlikely.