Major updates and new software releases on the way for January?

According to recent reports, this year's MacWorld SF will, like last year, bring a lot of software related announcements.

The most likely announcements are a new version of iPhoto (probably version 3.0) and at least a release date of Final Cut Pro 5.0. There are also reports claiming that Apple will announce business-class text processing software but that has not been confirmed by reliable sources.
The major iPhoto update is said to bring improved library file management, photo sharing, more export options and new editing features. Some sources added we can also expect an improved slideshow feature with cool transition effects.

Other reports are claiming Apple might also release a new version of its presentation software, Keynote 2.0. The new release should bring more transition effects and better compatibility with PowerPoint. Some sources are claiming text effects will be added and now I wonder if the "Hell Froze Over" text effect we saw during last Steve Jobs' presentation of the iTunes Music Store wasn't done with this new version of Keynote.

As for Final Cut Pro 5 update, I don't have a lot of information on it and it has not even been confirmed by my sources that it would be released in January. Nick dePlume of ThinkSecret recently reported on it though.

All these software expectations do not exclude hardware announcements of course. Sources are confident that there will be at least one, if not more, hardware announcements during the event. If you have further information to add about this report don't hesitate to send an email.