I agree that some of the questions about how to install new software on the iphone, or hacking it, seem a bit premature, since nobody can answer them. However, I'm more excited about the iPhone than Leopard, unless Leopard has some really amazing new features that haven't been announced yet (maybe running native Windows side-by-side with OSX?).
Also, I don't know what all the talk of Apple losing focus, or not caring about actual mac users is all about. To me, the decision to delay Leopard is good news that a stable, quality release is more important than year-end earnings statements. Sometimes, it's better to delay a release, than to deliver a shoddy product to your users. And I think the iPhone will be way more important than Leopard to introducing new people to macs, which is a must if Apple is to continue growing their market share.