By late 2009, it would have been 4 years since the last new PPC mac was sold.
Not so; new PPC Macs were still being sold at least as late as August 2006, when the Mac Pro was introduced. Plenty of 17" and 12" PowerBooks and iBooks were also sold in '06, too, to say nothing of the XServes, which remained G5s until less than a year ago.
In any event, since Tiger will have been out for 2.5 years when Leopard ships (assuming it's still on time, as now appears the case), shouldn't we be expecting Cougar (or whatever) to be coming around April 2010 at the earliest?