IPhone to hit stores as Apple awaits Jobs' return

* New iPhone goes on sale Friday

* Investors, Apple watchers await return of CEO Steve Jobs

* Shares could bounce or dip short-term depending on Jobs

By Gabriel Madway

SAN FRANCISCO, June 18 (Reuters) - Few events in the technology world can rival the attention a new iPhone launch draws, but the return of Steve Jobs to Apple Inc (AAPL.O) would surely be one of them.

The new, souped-up iPhone 3GS goes on sale this Friday, as investors and gadget lovers alike await the presumed re-emergence of Apple's famed chief executive, who has been on medical leave for about six months.

The consumer electronics giant remains mum on exactly when and how Jobs will come back, repeating the now-familiar mantra that Apple looks forward to his return at the end of June.

It is possible, analysts say, that Jobs could soon shift to a new post that would allow him to focus on big-picture issues and products, while Chief Operating Officer Tim Cook, currently acting CEO, manages the company.

"At the very beginning, it will be him coming back as CEO. If they do make a transition, it will be a slower, methodical type of transition," said Pacific Crest Securities analyst Andy Hargreaves.

With Apple's shares already up 60 percent this year, few analysts expect Jobs' return to have a lasting impact on the stock beyond a short-term bounce.

If Jobs reduces his role, analysts say a stock dip is also likely to be short-term as Wall Street has become more comfortable with Apple's supporting cast of executives.

"People feel good not just about Tim Cook but about the depth of the team in general," Hargreaves said. "They have done a good job of trying to highlight some of the other people that are there."

Besides Cook, Hargreaves mentioned Jonathan Ive, senior vice president of industrial design, and Bertrand Serlet, senior vice president of software engineering, as providing a reassuring presence.

Jobs, a pancreatic cancer survivor, stepped away from the CEO post in January, citing unspecified health issues. In his absence, Cook has overseen day-to-day operations, although Apple said Jobs remains deeply involved in decision-making.

IPHONE LAUNCH

An example of how Apple continues to upgrade its product line even with Jobs on the sidelines is the new iPhone 3GS, which features a faster processor, video capability, an improved camera and better battery life. The phone -- in the works before Jobs stepped away -- will compete with Research in Motion Ltd's (RIM.TO) BlackBerry and Palm Inc's (PALM.O) Pre, which has seen strong early demand.