iLife already comes with OS X. So actually it's just the idea of having iLife AND iWork, not one or both, since "one" is already there!
Does this make sense?
Close, but wrong. iLife comes with new Macs, not with OS X. OS X just also comes with a new Mac. Retail copies of OS X have iTunes, but not iLife. By the sounds of things though, this next iLife release will be integral to OSX, not being a seperate release. i could be wrong though...
Sorry - my bad. This sounds very practical...
All though if they do that, they'll still have a seperate release, for those who want iLife 07, but cant buy Leopard (to slow machines?).