Gizmodo is reporting that Steve Jobs health is "rapidly declining" and that is the reason behind Macworld and Jobs keynote cancellations. According to their source:

Steves health is rapidly declining. Apple is choosing to remove the hype factor strategically vs letting the hype destroy apple when the inevitable news comes later this spring.

This strategic loss will be less of a bang with investors. This is why MacWorld is a no-go anymore. No more Steve means no more hype. Saying they are no longer needing [MacWorld] is the cover designed by the worldwide "loyalty" department.

They describe their source as repeatedly 100% correct in the past. I certainly hope this story is completely false. In any event, we wish Steve all the best and sincerely hope that Apple cancelled future Macworld appearances for the reasons included in their press release.

 UPDATE:  A spokesman for Apple declined to comment on the rumor. When asked about Jobs's health, the spokesman said "if ever Steve or the board of directors decided that he was no longer capable of doing his job as CEO of Apple, I'm sure they will let you know."

UPDATE#2: CNBC's Jim Goldman contacted Apple and they reiterated their reason for leaving Macworld was the small part trade shows play in their marketing strategy. 

Goldman also wrote, "I will say again: if Apple is lying, holding some truth back, manipulating its own stock by manipulating the truth, someone — indeed a lot of people — could be going to jail. Do I like the way Apple has handled this ongoing story? No. But do I traffic in rumors to fill the void the company has created by not choosing to be more forthcoming about Jobs' health? Absolutely not.

When Apple's got something material to report, I trust that it will. Meantime, unsourced garbage nuking its shares is just that."