Yeah, I'm having trouble understanding why so many of the Apple fanboys are disappointed / underwhelmed. Leopard's clearly not going to be as revolutionary as Tiger was, but we'll see it in our lifetimes, which is more than can be said for Vista. I'm not sure what kind of all-seeing, all-doing OS they were hoping for, but I think Leopard looks like a nice, incremental improvement upon Tiger, one that will surely be worth the upgrade price of, oh, 1/3 of what Vista costs whenever it does come out. The "Time Machine" backup stuff alone (assuming it doesn't degrade performance significantly) will surely be worth the price of admission if it saves you from one disastrous "oops".

As for the hardware, I don't really have a need for a Mac desktop or Xserve, but they both look like nice offerings, and they look to be priced competitively. Rumors of Microsoft's demise have been greatly exaggerated in the past, but I do think this is a solid shot across their bow. The jabs at Redmond in general and Vista in particular during the keynote say to me that Apple's really in it to win it.