The managers below him will do the actual work in terms of design, he'll just sit in an office using Apple products all day and tell people what he hates about them.
Isn't this what's been happening for the past couple years now?
I think the super hands-on-ness of Jobs probably ended with the launch of the iPhone. Jobs knows time is a sweet sweet prize in this life, and I suspect he's gonna spend the most he can with his family and loved ones now. He's done his bit. He gave Apple OS X, the iPod, the iMac and the iPhone - what else can he really give at this point?