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This is a great reply, because it is what this analysis (intentionally or unintentionally) leaves out.
I think this case would be different if it was just a guy going and buying a copy of Mac OS X and installing it on his Dell. But it's not. It's on a whole different level.
Psystar is buying copies of Mac OS X and reselling them. (According to copyright law, this is okay.) Psystar is preinstalling Leopard on the machines. (Uh oh - this means there was an EULA.) Psystar is modifying parts of Leopard to get it to load. (Hacking the system, changing the system to point to Psystar servers, etc... Uh oh.) I just don't see how Psystar wins at all.
Sure, if they had just bought copies of Leopard and sent you a Leopard-compatible machine so you can do the work yourself - this might not be an issue. But that is not what is going on here.
Guys, nerds, OSSers - Apple is not trying to shut down people from going and installing Leopard on their netbook or whatever. That is not what is at issue here.
Psystar is going down.