it might be quite a few months before we see 10.4. If you're not the type who needs the latest software all the time, especially if you're someone who's considering just staying on os9, maybe 10.3 would do you fine for a couple years. The advantages of osx over os9 are crazy... 9 was super fast and snappy, but i can't remember how many school assignments i had to restart when my computer crashed and i hadn't saved yet. os x has yet to crash on me since i got it last october. And besides, i don't think there's much software that's being developed to run on os9 anymore. I remember when i first upgraded using the 10.0.3 cd that came with the computer, that was unbearably slow compared to 9. Now i'm on 10.2, and its much much better, the UI isn't quite as snappy as os9, but i hear 10.3 is even better in the speed department. Lol, yeah, i bought jaguar about 4 days before panther was announced. that's about when i joined macrumours, hopefully i wont pull another stunt like that. My plan is to upgrade every second release, so i'm gonna wait till 10.4, and i think that's gonna work out fine. I haven't seen too much software that won't run on jaguar yet, maybe just Safari 1.2, and that's not too big a deal.
Buying panther for 120$ would probably keep you in the game for at least 2 years, and that's if you even care about being very up to date.