There was a factor thrown into the argument that I didn't really think about, because I'm not a student. (I just noticed this.)
Yes, if you're a student, obviously buying now with the free iPod is worth it. But the original post wasn't about students; it was simply asking why people are so concerned about paying $129 for Leopard. And that's where my comment was being made.
If you're not a student, then it is a little better to wait, but not by much. However, if your hardware is not working, then there's no point in waiting.