Specifically, the Journal says he "regularly reviews products and product plans," which is something we'd expect, really. Like the fabled MacBook touch tablet/netbook/thing: "People privy to the company's strategy say Apple is working on new iPhone models and a portable device that is smaller than its current laptop computers but bigger than the iPhone or iPod Touch."
Turning back to Steve, the Journal says that "people familiar with Apple's operations" still expect him to be back in June. But then there's this weird little bit from some of those same people: "Members of Apple's board of directors are monitoring the situation directly, communicating regularly with Mr. Jobs's physicians." Why are they talking to Steve's doctors? Hmm.
But then again, I actually think the whole article smells a little weird. [WSJ]