In an ideal world Leopard will start shipping tomorrow. It would be fantastic for them to have it ready - but - I think the likelyhood of this happening is slim considering there are reports of them still seeding betas. I think they will announce more of the big features in Leopard, and release it in Spring as they have said they would.
I wouldn't be surprised if we see some kind of ACD updates with built in cams. Also maybe new iSight standalone cameras seeing as you cant get the originals anymore.
I doubt there will be the "iPhone". Unless they come up with something really damn cool and useful - I think the phone thing is a waste of time.
iLife 07 and iWork 07 are bound to be announced.
There are loads and loads fo rumors flying around about what actually could be announced tomorrow - 8 core MacPro's, new Macbook/Pro's. I guess we only have another 24hrs till we find out
Exciting!