Any thoughts or ideas?

So far I have seen version v1030, followed by v1040.

If by update you mean a replacement model (e.g., a notional XA30), perhaps after it has been on the market for around three years based on past history with other Canon prosumer/profesional market models.

The XA10/G10 were announced at CES 2011
The G20 was announced at CES 2013 (this was a modest variant of the G10)
The XA20/25/G30 were announced at NAB 2013
The XF200/205 were announced at NAB 2014 (these were repackaged versions of the XA20/25 into XF style bodies)
Nothing was announced at CES 2015

They are doing updates on the current series in roughly 2 year intervals, which means that we should see new cameras in 2015. Since they didn't appear at CES, we will probably see them at NAB.

Quite probably, never. Any upgrade beyond a 1/3 chip, 1080p, 20X, AVCHD/MP4 would most likely put it into the category of a different model altogether.

Prior to the XA series, the low end professional cameras were the XHs. That line ended and split into the XF and XA cameras. The original Canon prosumer cameras were the S series. The S10 was released in early 2009, the S20 in early 2010, and the S30 at CES in 2011, at the same time as the G10. Then that line ended.

All things considered, there should be a prosumer/low end professional camera (and variants) released sometime this year, and NAB would be the most likely time I think.

It would have to include a 4K option otherwise there is little point. They could retain most of the body forms of the current cameras by using a 1/2.3 sensor like the ones in this years Sony and Panasonic consumer cameras. That would allow them to use the current lenses for example, which no doubt is a significant chunk of the development cost. They would need a new Digic processor however, since the DV4 only has HD capability. So there would have to be a DV5 before 4K would be possible in that sort of body form.

In other words all they would really need is a new sensor and a new processor. Everything else could remain more or less the same.

As to Canon's prosumer/professional line, don't forget:
L1 - L2 (Hi-8)
GL1 - GL2
XL1 - XL1s
XL2
XL-H1

The L2 and GL2 had longer then most lives before dropped from the line.

Also, if Canon starts to move down the 4K camcorder road, it'll have a brand new nomenclature.

And the answer is available in December 2015!

i would hardly call them an "update" however. More a rename and re-market. O_o

More like an incremental improvement, akin to going from the XL1 to the XL1S perhaps? The main thing appears to be the sensor and some additional recording modes.