OK, guys. It is not good news of course. But try to take a positive look on this. Apple is putting a lot of new stuff into Leopard. Many of the features are under-the-hood improvements, but significant ones indeed. From the publicly (not necessarily officially) available info we have so far Leopard server will also see significant improvements.
Regarding the reports that the seeds builds are buggy and crashing, look at this the other way: if something is crashing, it is a work in progress and there are good chances that it will be improved
If it is not touched, it should work.
I don't believe there are earth-shocking top-secret features. This delay shows that most likely Apple was not ready to show everything at WWDC 2006. But don't expect something more than ZFS and new Apple digital hub features/applications targeted towards iPhone and Apple TV.
As for the reason - yes, it a human resources I believe. During the last year their software team had to manage:
\t- Intel transition (it was not easy for Apple to make it easier for third party developers)
\t- Apple TV rollout and related MacOS X shrinking
\t- iPhone - further MacOS shrinking and specific apps
I hope that Leopard is worth waiting indeed, and we will forgive Apple the current delay!
P.S. No, I am not working for Apple, just trying to cool you down, and myself too