WordPress 2.5 has been delayed till 17th March 2008  tentatively. I find the development cycle for WordPress 2.5 is a little weird.
For WordPress 2.3 and other previous versions of WordPress, betas and RCs are released first. For example, WP 2.3: Beta 1 , WP 2.3: Beta 2 , WP 2.3: Beta 3  and lastly WP 2.3: RC 1  are released first before WP 2.3 went gold .
For WordPress 2.5, there are so such releases (I am not talking about SVN nightly) and apparently the upcoming WP 2.5 will be the first and gold release.
Personally, I think they should release the betas and RCs officially first before releasing the gold version to the public.
But I still hope it get further delayed till my summer holidays so I can release it together with my plugins as I am too busy with school that I could not even take any time off to do my plugins.