I'm guessing it will be a Town Hall style meeting regarding the SDK. That's all. No 3G iPhone because people that JUST bought the 16GB one would scream for blood. I also have a feeling that the new MBP will be released before then.
It will be some sort of an iPhone bump, either software or hardware based.
I'm sticking to my initial prediction on the SDK, when they announced it wouldn't be available until February: the new SDK will be announced along side the next generation iPhone, and SDK apps will only work with the new phone.
I'm guessing the new phone is either dual-core allowing user apps to run completely independently of the main system, or the system has been re-architected severely enough to make Apple feel safe having strange code running lose.
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Oh sure...the 3G iPhone is a big contender for Feb 26th. In fine Apple-style they just updated the iPhone to 16gigs ("wow, let's go buy one!!!"). Then they bring out iPhone 2.0 with 3G and improved bluetooth (hopefully) so all iPhone 1.x owners say, "Why did they do that?! I *just* bought one!!" Well, Apple loves your money, and we love Apple.
What are the chances that Apple has already popped in a 3G chip when they updated the storage-capacities? I mean, 3G chips can run on EDGE when there's no 3G available, so, conceivably, there could be a software update that "unlocks" the 3G option. Combine that with AT&T's recent news about increased 3G network coverage, Europeans (some of whom live in countries where EDGE just doesn't exist anymore) craving an iPhone of their own, and the SDK... That would make for a nice announcement, wouldn't it?
iPhone SDK
iPhone 3G "Unlock"
European iPhone expansion
Fingers crossed.