Small MacBook - at a hefty 5+lbs, the current MacBooks are not really portable. Whether Apple overdoes it with a functionally crippled ultralight MacBook or just a thinner, small screen version of the current line - I'm not sure.
Regardless, either would be a welcome move by MacKenchi's standards. (Less than this is not acceptable for us folks in Japan!)
Speed Bump MacBooks - could be the whole current line up, and maybe upgrade the screens of the 17" Pro to backlit.
Monitor Refresh - new versions of the current crop with built in iSight and more ports (USB/FW).
16GB GSM iPhone - no 3G yet.
MacTV 2.0 - BluRay whatever.... Yawn
iPhone/Touch SDK Kit - Announced, but not shipping until at least Feb.
iPhone/Touch firmware 1.1.3 - Watch out modders!
iPhone/Touch Games - Way late, but hey.
iTunes ≥v.7.6 - Vid rental, whatever.
OSX 10.5.2 - Make things like Back to your Mac and Spaces actually useful.
Mac Mini - no change in configuration, but decreased price.
Some of the product upgrades won't be announced at the Keynote, but be discovered as new products on the Apple Store - like before.