Apple's WWDC: What to Expect

NEW YORK (TheStreet) -- Apple's(AAPL) iPhone 5 won't be in attendance, but a few other very huge items are on the docket Monday for the company's World Wide Developers' Conference in San Francisco, which starts at 1 p.m. ET.

It's the first WWDC in four years that doesn't focus on the iPhone, a product refresh that is likely to take place this fall. Instead, Apple is expected to show off a few gems like new versions of its Mac OS and iPhone iOS 5 software, a possible update to its MacBook Air, an inspiring performance from co-founder Steve Jobs, and lastly, the long-awaited unveiling of iCloud, a service that could help transform Apple.

The keynote to these annual developer events is usually a consumer-focused showcase for Apple's latest innovations. It's the annual big show of the cards, by the company that has far and away the hottest hand at the tech table.

Here's what's on tap:

Mac OS X Lion

If Apple saved the "king of the jungle" name for this latest version of its computer operating system, then it better deliver the lion's share of innovations. Right?

Speculation calls for Lion to sell for $30, the same price as its predecessor, Ice Panther ... Sorry, Snow Leopard. There's also some chatter about a Lion/iCloud bundle. Either way, the demos today will probably focus on a crop of new Mac apps that Lion makes happen.

iPhone iOS 5

So iPhone iOS 5 but no iPhone 5? That's a little awkward. Only Steve Jobs can smooth over the untimely absence of the fifth version of the iPhone and the on-time arrival of the fifth version of its software.

Look for a lot of iCloud integration in the newest iPad and iPhone software system.

MacBook Air

A refreshed line up of Apple's ultra-sleek MacBook Airs is also expected Monday. The possible upgrades include Intel's(INTC) Sandy Bridge processor and the wicked-fast Thunderbolt data port, according to DigiTimes.

Apple wasn't first with a super-slim notebook, but the Mac Book Air's blade-thin metallic design has the rest of the PC industry sharpening looks to catch up. A big surprise here would be a price cut below the $1,000 level. With a hot design and a lower price, Apple would likely rob even more business from its notebook rivals HP(HPQ), Dell(DELL) and Acer.