If so, it'll be a let down I fear.
These fast cycles leave no time for innovation. Each successive release will simply seem like "updates" to the former.
TBH, it's not like people are going to like an OS that is released on a longer cycle more: OS X Lion wasn't very well received, with many people sticking with Snow Leopard, and that was released 2 years after SL. Also, it's likely the price of the OS would be higher if it was on a longer cycle so they can make the same amount of money from upgrades.
Plus, who knows if Apple might release a large update (such as Lion) every two years, and a smaller update (such as ML) every other year just to keep it fresh? It could happen...