I'm hoping for a major bombshell of an announcement when it comes to Leopard. I've said it before and I will say it again - the gap between Windows and OS X will narrow with Vista. Yes we are all aware that Vista in all likelihood is going to be just as buggy as 10.0 when it was released. But keep in mind that this will probably be the last version of OS X to be released for the next 18+ months. (When its all said and done its prob going to be close to 2 years with 10.4->10.5) That time frame is more then enough time for MS to release SP1 and SP2 which WILL happen once its released, the general public (a.k.a Beta testers.) get their hands on it, and MS starts getting those crash reports.
Leopard needs to go up against MS's next generation and to be honest while 10.4 vs. XP is a non contest the same can't be said between 10.4 and Vista. That gap is narrowed. Apple needs to do something more then Expose, Spotlight, Dashboard, icon changes, and migrating more and more of their graphic subsystem onto the video card. All of those changes are good and worthy additions to OS X but it's incremental. It's Apple doing cleanup from the days of 10.0. It's Apple resting on their laurels. This simply can't happen anymore. The gap between Windows and OS X NEEDS to widen again. If it doesn't the "its good enough" mentality that many PC users have will only increase because like it or not Vista IS a major revamp of Windows under the hood. Yes a revamp with many key missing technologies but a revamp of the core OS nonetheless.
We need something that was as revolutionary as 9.x ->10.0. While I'm under no illusions that Apple isn't ready to revamp the entire GUI they HAVE to have been working on new stuff over the last 6 years. There has to be something that almost done baking in the bowels of Cupertino that can make it into 10.5.
PS- Please Apple; FTFF.