The Wall Street Journal reports that while Steve Jobs remains home on leave of absence, with chief operating officer Tim Cook managing the day to day business, Jobs is still keeping active tabs on the greater strategic vision, including iPhone 3.0:

He regularly reviews products and product plans, and was particularly involved in the user interface of the new iPhone operating system that Apple unveiled last month, these people say.

While Jobs is expected back at Apple in June, it's unknown if it will be in time for the big next generation keynote, and whether or not he and Apple will decide it's in either of their best interests to put him on up stage and under the spotlight so soon upon his return (especially considering how stock manipulators and blogeratti both have reacted to his health and appearance in the past.)

Of course, that won't stop many of us, myself included, from creating elaborate, heroic return fantasies for Jobs, live on the WWDC stage, iPhone HD pulled casually from his jean pocket and held up with a trademark "boom!"