All the responses posted ring true to me but being one that has paid a deposit on one (white/silver), I have a little different view. There is definitely less buzz for the 08's and possibly there are 3 main reasons that I see, first colors, they are quite similar to the standard ultra (blan & somewhat boring). Second, three years on the same product aimed at the same market and the fact that most of us were expecting a SERG. Lastly cost, 40K (including tax, registration, freight and prep), chit that price is now within reach of a new Corvette or a Shelby Mustang. JMHO 
Mark,
I agree, less excitement about the new models, and I agree with your assessment of the reasons. I would add another, and that is the way the MoCo cranked up the volume over the past few years on what was supposed to be a very limited quantity "custom" vehicle. Even the dealers complained about the volume, and I think you're seeing them back off slightly on both the standard and CVO volumes for '08.
As for the pricing, I get the impression from what I've read here over the past couple years that H-D will always be able to find plenty of folks with deep enough pockets (or enough credit) to keep jacking up their prices. We have folks paying several grand over MSRP and then promptly sinking another 5 or 10 grand into mods to make the bike run, stop, and handle the way it should have from the factory.

Unfortunately, my pockets aren't that deep, especially now that I'm living on a fixed income, so I guess my next bike won't be a Harley CVO. You know, for $40k I could buy a K1200GT
and a K1200LT. Use the GT for a daily rider, and the LT for trips. Hmmmm

Jerry