According to Ryan Boren, it looks like we can expect WordPress 2.4 to be delayed from its original due date. It was originally scheduled for December 12, 2007, but is now scheduled to be released on January 24th, 2008.
Reasons for the delay include the holidays and an upcoming baby (congrats Ryan!). According to Ryan:
With the holidays upon us, a new baby Boren coming next month, and a new admin design to implement, we’ve decided to push the release of WordPress 2.4 out to January 24th of next year. I updated the roadmap with the new date.
The WordPress team has promised that while version 2.3 focused a lot on the infrastructure of WordPress, version 2.4 will bring a lot of to the user interface and the user experience, as well as some speed improvements and caching changes.
PS. It's at www.rachelhenwood.com 
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Maria Reyes-McDavis 
Saturday, November 17th, 2007 at 6:17 am
I don’t mind the delay at all, god knows how much I hate upgrading wordpress, but I just hope that everything works well and is done right with 2.4, I would rather them slip a release date than come out with a buggy update.
Sunday, November 18th, 2007 at 10:51 pm
Michael - I definitely appreciate them taking their time to get things right.
If you hate upgrading WordPress, I recommend grabbing the WPAU WordPress plugin. That plugin makes it no problem at all!