I've been having the same problem with Leopard and the WGR614 v6. I tried this experiment today. Maybe someone can interpret these results and figure out what the problem is.
1. I reset the router and reinstalled most updated firmware (V2.0.19_1.0.19NA).
2. I limited the DHCP range to 192.168.1.2-192.168.1.7 (One address for each of the 4 ports plus one wireless)
3. Set the reserved IPs for the hardwired PC and Mac to 192.168.1.2 and 192.168.1.3 respectively.
4. Took everything offline from the modem to the boxes and powered everything down.
5. Brought the modem back up, then the router, then the boxes.
Here is the result:
The PC on the network took the proper reserved address and after asking it to renew, it was provided the same address: 192.168.1.2. The Mac initially took the correct reserved address: 192.168.1.3. However, when asked to renew, the Mac was assigned 192.168.1.4. A second renewal provided 192.168.1.5. This continued until I hit 192.168.1.7 (the final address in the DHCP range). On the next renew, I expected it to recycle back to 192.168.1.3, however it did not. At that point it failed to return an address no matter how many times I renewed. I had to log into the router and re-reserve the IP to get the Mac a working IP.
Now, before every network guru jumps all over me for trying to reserve addresses WITHIN the DHCP range, we have already confirmed this is correct practice for the Netgear product on their boards. Any attempt to reserve an address OUTSIDE the DHCP range results in an error message being returned by the router strictly forbidding that practice. The address I have reserved for the Mac is NOT being assigned anywhere else. So, the address is available in the pool, but the router appears not to recognize the Mac (it uses MAC address) as having a reserved address when it asks for one. Also, having the Mac manually take an address from the router doesn't work either in my experience. When trying a manual assignment, network diagnostics show the connection failing at "Internet level." That is, I get the first 3 "lights" green down to ISP. However, the last two "lights" are still red.
Not sure that this will help, but it is clear that the WGR614 (name your flavor) is not working and playing well with Leopard from a reserved IP standpoint.