Will there be a massive product recall? Will it be an unveiling of iOS 4.1? Free bumpers ahoy? Or maybe it will be giving out Apple branded Bluetooth headsets to eliminate the death grip issue?
Here's what team Pocket-lint thinks.
"Will they go for a full product recall? Unlikely.
"Talking to the operators in the UK; people, it seems, aren't that fussed about returning the iPhone 4, and are happy to either hold it differently or are unable to replicate the problems. Apple will have to say something though, not only to save face, but to put an end to the circus".
"While it’s strange that Apple would hold an impromptu press conference, it would be positively unheard of for the company to gather the world’s press in order to admit to problems with its technology; in this case, the iPhone 4.
"Why would Apple announce a recall, considering that we’ve discovered that very few owners are returning their phones to the providers, and certainly no more than with any other handset?
"In a month of hands-on experience, I have never dropped a call no matter how I hold the iPhone 4. The bars may have gone down to zero, but both data and voice calls have worked fine, leading me to believe that the company’s insistence that it was a software fault is correct.
"Therefore, the press conference could very well be completely unrelated to the antenna issues. It may just be an announcement that FaceTime now works over 3G. Or that Skype is to use the camera for its own VoIP service. It could even be that Steve Jobs just fancies airing a new coloured turtle neck he’s just bought.
"What it isn’t, I’m 100 per cent certain, is a product recall".
"I think they will readdress the bad PR that they've been getting. I also think that they may say, to prove their commitment to iPhone 4, that they will start giving away free bumpers".
"There are few companies that will pander to reaction from the public and Apple is not one of them. So, I seriously doubt they'll be bothered about the small percentage of iPhone 4 issues that there have been.
"If they really were going to address that one, I imagine they'd do it over e-mail statement rather than wheeling out Jobs.
"I think we're looking at something out of leftfield here; something everyone has missed. Options include – an iPhone mini, Jobs abdicating, something to do with Apple TV or a speech entitled 'The iPad - I told you I was good'".
"A pat on the head and a 'there, there your iPhone 4's going to be alright' is the most we can expect from this very hastily put together press conference, with an explanation of the software fix, rather than any recall, far more likely.
"The fact that Apple's senior VP of iOS, Scott Forstall, has recently opened up a Twitter account also shows the way the company is hoping to soak up any rantings from miffed iPhone 4 owners, during said update.
"If Apple does address the iPhone issue, it seems that a drop in its share price has proved a far more active catalyst for action than any disgruntled iPhone 4 owner could ever have been".
"I can't really envisage anything else other than a massive love in. All I can picture is a room full of Apple selected journos whooping and cheering as Jobs and co. show off the new features in iOS 4.1.
"There's absolutely no way that Apple will announce a product recall. It would be disastrous for a business that has spent the good part of 10 years getting back on its feet to take a massive gamble with its reputation, by admitting it has royally messed up with a major product launch.
"So for me, it's either an officially unveiling of iOS 4.1, or the news that Apple might be giving out free bumpers to anyone who is experiencing death grip issues.
"But I've never been able to make on the spot decisions, so I'll let Paul the Octopus make my prediction for me:
"There you have it then, it's free bumpers all-round. And remember, the octopus is never wrong".
The conference is due to take place at Apple's Cupertino HQ this Friday, 16 July, at 10am PST, which is 6pm here in the UK.
Make sure you check out Pocket-lint around that time, we'll be bringing you the news as and when it breaks.