There has been a lot of conjecture as to the release date of Leopard with few actual facts. Most of the articles I've read guesstimate anywhere from late February all the way on up to mid-summer. My guess is that Apple will try to capitalize on the negative press surrounding Vista and release it very soon. There's supposed to be a special announcement on 2/20, I'd imagine they'll put out a concrete release date at that event of mid-March.
iLife is a separate suite of applications that will likely be released at the same time as Leopard, but remain a separate product as it always has. I think the confusion surrounding whether iLife is bundled with OS X is caused by the fact that every Mac comes with iLife. But in reality, they are two separate and distinct products.
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