fatalis isn't guaranteed but it seems pretty likely in iceborne now so here's how i think it would all work. however this is a shot in the dark and probably not right lol. so i have no clue what's going to happen, this is all guesses.
black fatalis would be accessible after the alatreon special assignment. it has something to with why alatreon went to the secluded valley, i can't think of a good reason though – maybe alatreon was running from fatalis, but then that would give the impression that fatalis is significantly stronger than alatreon, so idk whether capcom would say that. but anyway the npcs would go on a spiel about how dangerous fatalis is blah blah blah, probably wouldnt give it the fanfare it deserves going by how the game hyped alatreon up less than rajang.
fatalis would either be fought in the seliana arena where you repel velkhana, in the secluded valley (boring), or its own arena. the music would be the 15th anniversary orchestra version (re-recorded).
in terms of the new fight, fatalis can't reach you with its head that well when it stands upright, so when it's in that position i think it would use lots of fireballs and breath attacks, probably similar to alatreon's since those are interesting. the explosive dust move from mh4 will probably come back because its cool.
would be cool if it had a move where it breathed a cone of fire which condensed into a thin beam before shooting a nuke fireball at you.
other than that, when it's upright lots of tail attacks would make sense, its got a long tail and its in the right posture to use it. the odd claw swipe too.
when it's on all fours i think it would use less breath attacks and more physical running / biting / midair charge attacks. throwing its weight around basically, but hopefully not in an annoying way.
fatalis is probably going to have some kinda nuke attack to show off how strong it is. flying over the area spewing fire or something.
generally, slower paced than alatreon (ie the other true superboss), attacks are harder to dodge and hit harder, but less relentless.
im assuming capcom would make fatalis's hindlegs better hitzones too since that was a problem before, maybe wouldnt proc weakness exploit by default but definitely when tenderised. fatalis would be immune to fire since it wasn't before for some reason. biggest weakness is dragon naturally (good because it encourages people to grind the other black dragon, alatreon).
the weapons could be very high raw (340+ true raw), mid-low dragon (~300), and short purple sharpness with handicraft, similar to how some of them were in the old games. i think the other pattern of mid raw and high dragon from the old games is unlikely since that's too similar to alatreon weapons. sadly a high damage, short sharpness weapon just drives the master's touch meta deeper, but capcom clearly doesn't care judging by raging brachy's and MR kjarr weapons.
alternatively, the weapons could have a level of sharpness above purple to give fatalis weapons more distinction. naturally fatalis weapons wouldn't have crazy raw or anything so they're not OP. this is how they were in mh4 (NOT 4U), they were the only weapons with purple sharpness aside from relics, but they had short purple and mid-tier raw so they were pretty balanced and interesting weapons.
fatalis armour bonus would decrease max health but increase attack and element, and give immunity to status effects and blights. other skills could be handicraft, attack up, weakness exploit, razor sharp / spare shot, free element / ammo up, basically endgame offensive skills.
crimson or white fatalis are also possible, i dont think they'd be in the same update as black fatalis but maybe in a later update. white fatalis could the the final update for iceborne for instance, along with the last arch-tempered monster.
again this is all a big guess
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