As recently as this week, I came across a production server that was running PHP 4.4.x. A lot of popular apps continue to be written with PHP 4 compatibility in mind, which really hinders their ability to clean up bad code. Security updates for PHP 4 have been non-existent for several years already, so I try to stay away from these machines. Well, actually, I think some Linux distros (Red Hat?) still offer security updates for PHP 4, or did so until quite recently, but I can't remember the exact versions/dates.
A large number of web hosts still run PHP 5.2.x, while many have migrated to PHP 5.3. My last PHP 5.2-based client moved to a PHP 5.3-enabled web host a few weeks ago, so I'm finally free to use namespaces and closures.
Debian Stable and Ubuntu LTS are currently on PHP 5.3.x, which I suspect is partially responsible for the lack of PHP 5.4 adoption.
As for myself, I'm planning to rebuild my Ubuntu LTS dev box when Mint 15 comes out, so that's when I'll be upgrading to PHP 5.4. No need to hurry when none of my clients can use it anyway.