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And no, while speculation is bound to arise that its a sign of Steve Jobs' rumored ill health, according to Apple, it's all about wasting time at the last Macworld they will attend. Basically, anyway.
"Phil (Schiller) is giving the keynote because this will be Apple's last year at the show," an Apple spokesperson said. "It doesn't make sense for us to make a major investment in a trade show we will no longer be attending."
But it should be noted that Macworld is not Apple's show; it's run by event coordinator IDG. Apple will focus on its own events such as WWDC and its "Let's Rock" iPod event from earlier this year.
However, does the missing Steve Jobs imply something else besides Apple leaving Macworld? Perhaps, no exciting intros, despite the latest rumors over iPhone nanos and new Mac Minis?
Time will tell.