I don't think he will. I know they said he won't need major surgery to play, but that last Dolphins VS Jets game decided Brett's future. If Jets won, Favre would play next year. Since they lost I think he's not coming back. Jets are probably attempting to go after a quarterback. Maybe Stafford if he falls later in the draft or somethin.
I hope he doesn`t come back, but I know he will. Especially, since the Jets missed the Playoffs when they were expected to make it when they got Favre. Although, Favres` age really showed the last 5 games, and his arm was hurting him the whole way, especially last game, he will look back and say "I can do better for this team." and will give it another shot next year.