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Like it or not Jobs is a corporate officer and a large beneficial owner of the company's stock.
If the company was withholding information that is considered material to the value of the business then it should be disclosed. Like it or not, his privacy has limits. He has voluntarily given some of it up in becoming a corporate officer. Failure to disclose can be a huge deal, especially if insiders sold stock during the time when this was not common knowledge.
In the long run it will not be a bunch of fanboys on slashdot or Apple's PR department that decide the correct level of disclosure. It will be the courts. I have little doubt that the class-action lawyers are already all over this issue. If they smell blood (or easy money) then they will pursue a case. At that point it will be up to the legal system.
Personally, I think Apple has left itself open for an expensive court case.