I'd tend to agree.
Jobs stated that we'd have a 3.0GHz G5 at WWDC 2004, or 12 months from the June 2003 keynote.
So far, they've missed the 2.5GHz/6 month mark, as far as the public is concerned. If they update the line in February now, they probably won't ship until late Feb/early March, unless Apple shocks the world with PowerMacs ready to ship at the announcement. That really only leaves us 3 months to wait for 3GHz. With people knowing when Apple intends having the 3GHz chips out, why buy the top of the line now? If you've waited this long, you'd wait the additional 3 months to get the 3GHz chip for the same price. Beyond that, maybe you don't want the 3Ghz? Wait until they announce it and grab a reduced price previous edition for less cash, or for the same cash but a better model.
It just seems like forever ago that I was in San Fran watching Steve show off the G5 for the first time. Maybe they're making some big time revisions to it? Maybe they'll find a way to get more drive space in that case by refining the cooling just a tad more? Afterall, the 90nm chips shouldn't require quite as much cooling.