Apple announced today that Leopard is going to be delayed (via TUAW) until October because of the focused effort in getting iPhone out in time.
Personally, I think the delay doesn’t really mean much. As much as I love to see a new OS from Apple, there’s nothing obviously wrong and needs to be improved in MacOS X now. Unless Leopard has some insane, awesome unknown trick up its sleeve, there aren’t any feature that I have to have now. There certainly weren’t any new features introduced by Vista that makes me say, “I wish MacOS had this…”
Getting iPhone out on-time, and without bugs is probably the most important issue to Apple’s continued success at the moment. A bad iPhone launch could set back years of good will that Apple has built up. It’s funny how much it takes to rebuild a company (dating back to Steve Job’s return and the cute multi-color iMacs), and how easy it is to destroy it and see it crumple (the entire 1990′s for Apple).