I agree with your sentiment.
But I don't think Snow Leopard will be a disappointment.
Of course, its too early to say for sure.
But it isn't about frills and thrills.
Its about getting down to the core of things.
The OS will be a huge technical achievement.
It should take up 25-30% disk space as Leopard does.
This will mean it will be A LOT faster.
It will also utilize multiple cores and multiple processors in a way that now OS does.
Throw in the GPU utilization thing, and you have one fierce cat.
It will be an amazing feat if it is pulled off.
When it does come out, it will really make Vista look bad.
Once that foundation is ready, they can go back to focusing on utility and features.
The name they've chosen is amazingly proper.
A- It tells the customer not to expect much difference (since most of it is under the hood)
B- The Snow Leopard is capable of living off very limited resources and food, in environments that few animals can.