What is "Bootcamp"?
If it's a system to install Windows and provide a switch on boot-up, then it's hard to see how it can be more "integrated" than it is today. The temptation is to see it as a generic way to describe all solutions for running Windows on a Mac, but the name implies something more specific, the word "boot" implies it's about how the Mac starts up.
So the "Leopard's going to have virtualization support!" or "It's going to have Wine-like integration!" strikes me as, well, it's possible Leopard will have that, but I don't see why they'd associate that with the functionality of Bootcamp. It's Mac enthusiasts, who see Bootcamp = Windows, who are reading that into the functionality, and it doesn't make much sense.
I'm not discounting the idea that Leopard will have more integrated solutions for running Windows applications. Apple can get that by providing a method of installing "real" Windows and then using a wine-based back-end to host the operating system. (This leaves you with close to perfect emulation, the only serious problem people who do this already under GNU/Linux have is with copy-prevention schemes, and Apple certainly has the resources to fix that.)
But that's not what would be in an "integrated" version of Bootcamp. So it'd be interesting to speculate what, exactly, would be.
Here's one. Suppose you did build virtualization into Bootcamp, rather than Leopard. When your Mac boots, it loads Bootcamp rather than Mac OS X. At that point, your first Bootcamp "session" automatically starts, which is an instance of Mac OS X. At any time, you can flit back to Bootcamp and start new sessions, running multiple versions of Windows, Mac OS X, GNU/Linux, or whatever else you want.
This is different from the "Parallels" scenario most people are describing, where the virtualization is in the operating system. In this situation, the virtualization is hosted outside of the operating system (and could be described as a thin operating system itself.)
How would it differ from the existing Bootcamp? It'd be the difference between "Mac OS 6" and "Mac OS 6+Multifinder."
Just in case it isn't clear from the above, I'm just pointing out that you need to be Bootcamp, that is, boot manager, centric when speculating what an "integrated" Bootcamp that somehow is so advanced it delays an OS goes. As it happens, I think virtualization is unlikely, because Apple keeps dropping hints saying it's unlikely. But this is the kind of thing we should be thinking about.