I am holding out on buying iLife '11 to see if Apple will sell the applications separately in the app store. iPhoto is the only one I use on a regular basis. I have no use for an app like Garageband, so why do I have to pay for it?
Good idea to wait. They'll probably sell each app for $9.99 each which is cheaper and more useful than the whole suite. I've never used iDVD or iWeb. I looooove GarageBand though. Great for recording and mixing basic tracks.