“Assuming Steve Jobs returns in late June, as scheduled, his medical leave is approaching its halfway point. So how’s Apple doing in his absence? Very well, we’d say — almost as if he hadn’t left,” Dan Frommer reports for Silicon Alley Insider.

MacDailyNews Take: That would be because he hasn’t really “left,” Dan: “As CEO, I plan to remain involved in major strategic decisions while I… take a medical leave of absence until the end of June.” – Apple CEO Steve Jobs, January 14, 2009

Frommer continues, “Apple has rolled out several product updates, including new desktop Macs and a new iPod shuffle. They are as good as (or better than) expected. Apple gave an early preview of its forthcoming iPhone 3.0 software, which looks fantastic, and will keep Apple’s mobile software platform far ahead of its rivals. (The iPhone developers we’ve talked to so far are in love.) Apple executives have done a fine job as showmen. Notably, iPhone software head Scott Forstall and iPhone marketing exec Greg Joswiak did a nice job during the recent iPhone event Apple stock is up 32% since its January 15 open, while the S&P 500 is down 3%. This suggests that investors could be more comfortable with Apple COO Tim Cook’s longer-term leadership of the company, if it becomes necessary.”

“We were never concerned about what would happen to Apple during a six-month leave,” Frommer writes. “The potential for Apple to slip is several months (or years) down the line, if Steve decides not to return, or if key members of the Apple leadership team leave for other opportunities.”

Full article here.