On the manner of supposed "internal builds" at Apple:
Apple almost certainly has internal builds. Nightly builds, even. Probably builds which happen every couple of hours, or constantly. So internal builds will happen, period.
Also, if I've read right, the same bugs appear to be in each of the seeds Apple has given out. These should have been easy enough for Apple to fix if they've wanted (they have a whole team working on Leopard, have they been out partying?), so really, we must wonder, why
hasn't Apple fixed them?
I'm NOT saying that Leopard is simply missing key components... after all, such things may be too easy to trace. Though possible, I think two other possibilities more likely:
1. Apple has an internal fork of Leopard in which they've fixed most of the bugs which have been presented (not necessarily all) and actively watch for new bug reports, while simultaneously adding or completing new features. The problem here is that this internal fork has "secret" features, which if they were not careful about merging with the developer's preview, would leave traces pointing right to the features. Thus, they haven't merged very much at all. I consider this situation most likely.
2. Apple knows about the bugs, but doesn't care for the time being, considering them low-priority and easy-to-fix. Instead, Apple wants to work on implementing/completing other parts of the system. Once they are relaxing, congratulating themselves on a job well done, they will go back and fix those bugs which, while they may cause crashes, may be "technically" minor. I consider this less likely than #1 however, because personally as a programmer I have a hard time not fixing a bug when I see it.
EDIT: Since everyone's giving predictions: I'd say late April to early June sounds about right. Even the WWDC sounds about right. In fact, how about this: release date announced or extra features released at that NAB thing

... and the actual OS released at WWDC.