I'd be very surprised if he devotes more than 20 minutes to the iPhone. Remember this is a developers conference, unless he's changed his mind and is going to allow 3rd party apps which i don't think he will.
saying that I want to hear about the other new things have we all forgot theirs a new version of OS X coming out!
and what about ilife07 and the rumours of Apple joining up with google for .mac
This seems really hard to believe... whoever put this together does seem to follow the flow of a typical Jobs keynote, but why would they announce a new, bigger, touch-screen enabled home device, which will certainly cannibalize iPhone sales right before the launch?
As you said, we'll know in a few hours, but I'm pretty skeptical.