ThinkSecret reports that hardware upgrades are coming:
In fact, the delay has nothing to do with iLife itself or its applications, but rather the forthcoming upgrades to iMacs and other hardware, sources said.
They even give February 3rd as a tentative date.
A reliable MacRumors source confirms that new iMacs are coming in the next few weeks.
15" and 17" models will be updated with a few feature upgrades in the 17" model, while the 15" model will remain a "true basic model". No 19" model will be released. Despite a seemingly undramatic upgrade, they are expected to be seen as a good value.
Meanwhile 10.2.4 is expected next week..
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