it'll represent the state of jelly bean when it is released.
So do you feel Jelly Bean is just going to be an incremental/stop gap update sort of ICS/Jelly Bean Froyo/GB until 5.0?
Stop gap? Definitely not after honeycomb fiasco. It'll definitely be incremental like froyo-gingerbread.
ICS isn't even the most popular android release and the only way they can iterate and have significatant people on the newest release is to do a 1.0 release every two years
Each major release has added stuff that wasn't possible on the previous hardware/release, so I don't think they're concerned about having a certain amount of users on a certain version before moving on.