Shares are up and speculation is running high over which “revolutionary” product (or two) beleaguered Apple CEO Steve Jobs will unveil in an hour in his keynote address at the Macworld Conference and Expo in San Francisco.

Apple acolytes probably already know that likeliest contenders are the “iPhone,” an Apple cell that’ll double as a music player (for which Cingular is rumored to be the carrier), or an HDTV iteration that’ll allow users to send video from their computers to their TV sets (“iTV,” naturally.)

The flip side to all the hype?

According to one AP report, investors say that expectations for Apple to wow “are so lofty that a failure to launch an earth-shattering product this week could dent Apple’s already volatile stock price.”

On our Apple wish list? A mongo Nano that’ll deploy the far-more-reliable Flash technology in a music player with a capacity greater the paltry 8 gigs at which the device currently stops short.

Jobs takes the stage at 12 noon EST. Stay tuned…

– Emily Million