He said in an interview recently that when he returns, he wants to "return to his roots" and become "no-nonsense and aggressive" again. Speculation is it could mean returning to being an asskicker instead of just a smiling dick babyface, or it could mean reverting back to being a heel, the same type of aggressive heel that once put Triple H on the shelf for a full year.
He has been slated to return at the Rumble, although that's always subject to change. If he does remain as a babyface, then he could be a contender for winning the United States Championship from Ambrose. That would be a good way of making an immediate impact upon his return. He could also end up being one of the participants inside the Elimination Chamber match. If he returns as a heel (or rather, turns heel shortly after his comeback), then should Daniel Bryan actually end up with the WWE Championship when Mania is all said and done, a heel Sheamus would be a great first opponent to defend the strap against. They have history (18 seconds and all, although Bryan has already long made up for that loss) and we know they could pull out some damn good matches.
I did read a few weeks back that Sheamus was pushing for a match with the Undertaker at Wrestlemania, but that's a pretty laughable idea if true. (What's up with some of these people actually thinking they'll get a match with Taker? First Del Rio, then Ryback, now Sheamus... it's alright to have aspirations and hopes and such, but come on, none of these people have the slightest chance of getting a Wrestlemania XXX match against The Dead Man.)