Why wouldn't you expect memory, kernel, and file system improvements? All the previous OS updates had them, and all the previous updates ran a little faster on the same hardware. This is an OS in progress, it continues to be rewritten and optimized further. The slowest machines are often the ones that benefit most from these OS updates, I don't see why this would be any different.
Those items are not something you can harvest over & over. Yes, the previous versions of OS X improved greatly, but that speaks more to how badly implemented they were in 10.0, rather than Apple's ability to defeat the laws of computer science.
Leopard is adding features and graphical woohoos, and those features are going to impact the memory bus and cache of weaker systems tremendously more than they are going to hurt the newer systems, especially the Intel systems with 4MB of cache per processor.