Personally I am typically an early adopter. But that is for me, at home, where if i don't get email or do my frivolous things, no money is lost. Corporately I prefer to wait a bit. Not necessarily for SP1 or SP2 but for the initial kinks of upgrading to come to the surface. A lot of this has been alleviated with the method of letting release candidates out to the public in several phases.

The bigger issue I face is customers who want to upgrade however can't because the underlying application is not ready for it yet. It can be quite the pickle sometimes. For example one customer is facing memory contention and not because the server lacks but because SQL Server 2000 std does. Logically they would just upgrade to SQL Server 2008 except for the fact that the application version they are running only supports 2000 or 2005. So we go with 2005. Their hardware is slated for replacement this fall and not a moment sooner. If they are replacing the hardware why not just do an application upgrade to leverage 2008 and install 2008 thus giving them a full life cycle on the hardware without interruption. So much plays into it and it can sometimes be hard to empower the customers to make a decision at all because of the complexity of the situations or their lack of understanding.