OK, I finally think I have an idea of what's going on here. Had you just installed Tiger or updated Tiger right before Leopard was released (like, on October 24th)?
Try removing (or moving out of the way) /usr/bin/emacs-i386, and then run the commands from my last post. I think what happened is that somehow emacs-i386 was last modified on October 24th, possibly if you installed Tiger or did an update that updated Emacs on that day. Since that is after October 11th, when the GM version of Leopard was built, dumpemacs (which builds the emacs executable from the core executable plus some compiled elisp modules) thought that emacs was up to date, and so didn't try to rebuild it when you installed Leopard (it happens as a post install action). If you just move the file out of the way, it should be able to rebuild it.
So, the commands you should run are:
sudo mv /usr/bin/emacs-i386 /usr/bin/emacs-i386.backup
sudo /usr/libexec/dumpemacs -d
emacs --version
emacs
Again, if this doesn't work, post the output, and I'll see if I can think of anything else.
Message was edited by: Brian P. Campbell