Based on Ubuntu 8.04.3. How current.
Add the fact that turnkey actually uses fresh packages for many appliances and uses only the kernel+base system of Ubuntu LTS, it makes perfect sense.
Note that Ubuntu 8.04 is a Long Term Support (LTS) release which will continue to be supported by Canonical with security updates for another 3 years (until April 2013).
All appliances will be rebuilt on top of Lucid (the new LTS) when it is released at the end of the month.