Apple will begin shipping new computers with Leopard preinstalled and Leopard bundled discs ASAP...if you get one of those, you're golden. Everything you need will be on the single set of discs that come with the computer.
But plenty of people buying systems after October 26th will still receive systems with Tiger on them. In that case, they'll either receive a drop-in Leopard disc at the time of purchase (if they're lucky) or will have to go through the Up-to-Date process. Either way, they will receive a full Leopard install disc, but the bundled apps (iLife et al.) will have to be installed from the Tiger bundled discs.
Did that make sense? 😱 😀