First up, under Jobs phablet iPhones would have been out of the question. He would have flat out rejected those, because he was simply wrong about some of the assumptions of phone design and would be a lot slower to admit that than Apple did without him.
Second, the Apple Watch would not have been what it was now. For the first time in tech, Apple is second in execution with a more complicated product - one with a more complicated, information dense interface that requires two input methods to operate [1]. I'm not insinuating that Apple Watch will be an inferior product (I think it's more likely the opposite), but I don't think the execution of the product is something Jobs would have let happen in the same way.
But that's all okay! Apple is going in a different direction, and it just might actually be the better direction to go in. I'll be buying my first iPhone later this year, and I very much doubt I would have done so if Jobs was still as influential as he was.
This deification of Steve Jobs is incredibly annoying to me. The annoyance I feel when people say "what would Jesus do?" is the same annoyance I feel when reading these articles about "what would Steve do?". This article is just one level above fan fiction and it has gotten more than 450 votes. Ugh. He was a pioneer in the field, but let's appreciate him for what he's done and not for what he should have been doing today.
[1]: http://arstechnica.com/apple/2014/09/smartwatch-wars-the-app... - the comments contain the gem "What kind of bizarro world are we in now where Google releases the clean, minimalist UI and Apple releases the information-dense but cluttered one?"