Hello,
I, for one, don't like a time-based release system. It seems so "packaged", as if it is released just so they can say they have a new version - even if the only difference is the titlebars are one shade darker.
The features-based system is much better for the consumer. If a hundred new great and improved features are developed in three months, great - version 3.0 in January and 3.1 in April. If it takes you two years to revamp the TCP/IP stack to make it 1000x more secure, great - a new release two years later.
A features-based system also makes it much easier to stick to a proper UNIX version numbering system (i.e., Major.minor.revision). In a time-based system, the numbering becomes almost arbitrary.
There is certainly a divide in FOSS today over which way to go. Some groups want the bleeding edge and have constant versions coming out (i.e., Fedora). Some will only put out a new release when necessary (i.e., Slackware).
But, as I said, I prefer the features-based system. Let's not go after new just to be new.