I'm pretty certain that an update is imminent, I just ordered a 12" iBook because I need it right now, not in two months! Anyway, I ordered it with another 1gb stick of ram from Crucial, a sleeve from Shinza, a 20gb iPod and I chose to get a 60gb HDD and bluetooth with my laptop. This is going to be my first Mac ever, I used to hate them so much (until the G4, never tried a G4 or later) but looking at the market right now for a good 12" laptop that fits my needs as a graduate student who already has a powerful computer at home, I can't find a sweeter deal elsewhere. I'm not looking for an ultra-fast computer loaded with features, I was looking for a small, highly portable laptop that I could take some notes in class with it, that I could write papers on, that was durable, well built and that would last me for at least 2 years. Simply, there's no PC laptop that I could find that match my needs better than the iBook, at least in my budget. I know they are getting pretty outdated by now but they still can do pretty much everything you throw at it (except Coreimage and some games), is still a very capable laptop with a good battery life, a good keyboard and long lasting...
If you're looking for specs, look elsewhere as Apple is getting crushed by the PC market but when you look at what you want it to do, there's no reason not to pick one! I would have liked to have it updated, especially the HDD and having bluetooth with it, a 256mb increase in ram would probably be in the only available slot of RAM anyway but it didn't stop me from buying it, it's a tad more expensive but still a heck better than a 700m for example!
Now I'm waiting for it then I'll have to learn how OSX works after about 15 years of using DOS/Windows.... that'll be the hard part I fear!