Do you people realize how these protocols work?
802.11b works on the 2.4GHz band, and most of the work is probably done to some degree in the hardware. In any event, it is a standard which only supports 11Mbps. If Apple could speed it up with a software update (which they can't) it would be incompatable with all the other 802.11b equipment out there, like Cisco, Lucent, etc. While we're at it, it's probably worth noting that Airport is simply rebadged Lucent hardware.
I'd agree Airport 2.0 is a misnomer, but none of the improvements you seem to be expecting are possible in the current system.
BTW, AFAIK given the theoretical flaws in WEP 129bit encryption is no better than 40bit, except in buzzword compliance.
Also, given the limits of 802.11a as far as range goes, its complete inoperability with the current 802.11b infrastructure, and so forth, I'd be happy for Apple to stay with the 2.4Ghz products for the time being.