Why? If you need a new notebook, go for it. The macbook is still an all-around great machine. LEDs are still expensive; you can't expect Apple to put them in a lower-margin laptop like a macbook.
i've got a 3 year old (going on 4) powerbook g4 12" right now and have been itching for a macbook for a year or so now. with all the rumors and whatnot going around regarding the LEDs dropping in the macbook (specifically that the macbook + 15" mbp will be upgraded first because of their smaller size... and the 15" has indeed been upgraded)... and also the macworld expo coming up in january, i figure i've waited this long i can wait a couple months more.
the latest update on the macbook is really pleasing though, but it's just the LED omission that hasn't sealed the deal. i'm trying to futureproof as much as i can and pick my spot correctly. now, i know people say that if one waits, he/she will wait forever, and i'm not planning on doing that. i have my criteria set and when its fulfilled i'll jump.
my powerbook's screen has already gotten quite dull, and it wasn't all that bright in the first place when i got it, and after doing all this recent research on CCFL and LEDs, it seems like a no-brainer to wait, i guess (oxymoron there, haha!). i plan on keeping the next 'book i get for around 3-4 years (just like this powerbook has run its course with me so far).
finally, it's a little more conflicting because i don't generally like purchasing first gen/rev A hardware. software can be patched easily, but hardware's "patches" don't come for months (ie. new revisions). if a new macbook replacement or macbook pro replacement comes in january, you'd figure it wouldn't be updated for another 5-6 months (around summer-ish) to get to a second or 2.5 rev, as well, right? that's why i'm scared i might be waiting another year (until summer) to get the macbook that i really want.
i wasn't even planning on going out Black Friday waiting this year (nothing major to buy), but when i saw some nice deals on 2gig ram that may be showing up, and if i do decide to get the macbook.. i may be changing my plans again. argh.