Not at all - it makes perfect sense.
Heres my opinion - it ain't any official viewpoint, but its my 2cents worth.
Xe and ERP 8.0 are darn stable products these days for Financials, Distribution and Manufacturing. If you're like the 90% of customers and are only solely interested in that functionality, and you are on Xe - then why upgrade right now ? You're supported until 2013, you have your users sitting on a VERY stable platform and you've never experienced such low call-volumes with your users ! Its not a good idea to rock the boat ! Get some of that ROI back, after all you paid enough for the darn product in the first place !
Secondly - the new products are a little scary. You've invested heavily in your Citrix implementation, and all of a sudden theres all this conversation about Java Application Servers. You did your homework as a CIO, probably came across this site - and read about poor Performance issues and loss of user "enjoyment" with the client. You've already taken a hit with your users in the past, implementing Xe - you DON'T want to push them back down that road all over again, not when they're just getting used to using Xe.
So you're going to hold on as long as possible. You've got some big changes you'd rather spend the money on - such as that huge Active Directory migration, or perhaps you want to migrate all your unix boxes from HP to IBM (?!).
Now - many companies aren't necessarily like that. They might be looking to push for new functionality - perhaps they're interested in all that self-service code that the web product provides, or maybe they're just sick and tired of Xe's crappy purchasing modules and are looking for something that really works (!). Maybe they're looking for some magic interface functionality and they've been sold on the idea of Fusion Middleware. These companies are still growing, and the ERP hasn't found its little "niche" yet. When you're still rolling out, you might as well look to the future of the product as much as possible.
Xe has gone the same way as World - its a very stable, nicely running product that really nobody complains about anymore. There is always a certain resistance to change - and sometimes it makes financial sense for companies to resist for a short term.
Heres another interesting viewpoint. I have a little My Yahoo stock portfolio of companies I've been involved with professionally. Its a nice little list of a couple dozen companies. The companies that I know are on Xe and aren't really pushing hard for an 8.9x upgrade - their stock prices are rocketing. The companies I know that are in the midst of difficult upgrades ? Those stocks are down or static. It might not be a direct link - and I have to put the disclaimer that it is really just a very small % of Oneworld customers - but its a very interesting observation.
Maybe I should try and put this up as a new poll ?!
Anyway - don't flame me - I'm just giving a personal opinion ! I'm involved with 8.12 upgrades - and eventually, once the dust settles, those companies will be FAR better prepared in a few years than the Xe customers - but its just some interesting observations given the current economy !