I'm finding it's not that people can't upgrade to 1.9.2, it's that many don't want to.
I have a pretty decent-sized application running on REE and Rails 2.3.x. I've made my code fully 1.9.2 compatible. My specs take on average 3.5 times longer to run in 1.9.2. Profiling that shows that close to 60% of the time is spent in Kernel#require. Now, it's pretty common for people to say only profile in the production environment, but I need to be able to run my specs. And it's not acceptable to shell that out to a CI server or to run REE in dev. mode and deploy with 1.9.2. Running in spork is a gross approximation, too; I've seen way too many issues there.
My suspicion is that if you have a small enough project, the speed difference is negligible. If you have a large project, it becomes much more pronounced. So, it'd really be nice for me to continue to upgrade and improve my Rails-based app without having to drag along an environment that's going to hobble me.
FWIW, I do know people that have started on 1.9.2 and rolled back to REE because speed was such a problem.