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.