Agree. There is simply no way that a huge company like Apple could be so distracted by one product that every other product they offer suffers.
I think it is all on purpose, and due to Leopard being delayed. Apple may want to have several product rollouts on or around the Leopard release. I think Leopard would have a much bigger effect than the iPhone. Remember, a bird in the hand beats two in the bush. No way would Apple risk everything on a product they have yet to make a dime on (iPhone).