Anyone who cares probably already knows, but Mac OS 10.5.2 is out, and it adds an option (in "Desktop & Screen Saver", rather than "Appearance") to make the menu bar non-translucent, but it doesn't make it look like the 10.4 menu bar; it's a metallic color like the 10.5 title bars, which an ugly hard black bottom edge to it. Honestly, you're better off leaving it translucent. There doesn't seem to be an option to do anything about the transparency of menus themselves, though Apple has somewhat arbitrarily decided to make them non-transparent. I'd have preferred them left alone. (The Help menu still has the ugly shrunken text.)
Time Machine, even if disabled, now adds an icon to the menu bar. Thankfully, unlike the Spotlight icon, you can turn this one off in System Preferences.
Still no Java 6.
For the past month, I've been using 10.4 on a MacBook Pro by day, and 10.5 on a PowerMac G5 by night, and I have to say I honestly have no reason to "upgrade" the MacBook Pro, even though I could if I wanted to. I spent a couple of months with nothing but 10.5, and now I've gone back to a mostly-10.4 situation, and I don't care. There's absolutely nothing compelling in 10.5 to push me over the activation threshold for an update. Sure, if I had to actively click "Cancel" to stop it upgrading itself while I sleep, I'd probably let it go ahead and update. But as long as it's going to take non-zero effort on my part, screw it.
There's exactly one thing I've missed, and I've missed it about once every couple of days. The way they fixed the long-standing bug whereby you weren't able to scroll a window other than the one with the focus? That, it turns out, is the only appreciable difference between 10.4 and 10.5 for me.
Snooze on, my hold-out friends. Snooze on.
I'll wake you when Java 6 arrives, because that will be some solace. Other than that, it's just 10.6. Assuming, that is, Apple's not too busy with the iPhone next time round too.