I'm sure this is simple, but how do I determine which version of the iPhone SDK I currently have installed?
The following command shows a listing of all the iPhone SDKs installed on your computer.
ls /Developer/Platforms/iPhoneOS.platform/Developer/SDKs/
The term "SDK" is used pretty loosely by the iPhone community, and by Apple itself. People sometimes say "SDK" when they mean the actual SDK packages of headers and libraries that end up in /Developer/Platforms/iPhoneOS.platform/Developer/SDKs/, and they sometimes say "SDK" when they mean the entire set of iPhone developer tools, including XCode, Interface Builder, and the headers and libraries.
You can find out what version of Xcode you have installed from the "About Xcode" menu item in the Xcode menu. The SDk packages get installed in /Developer/Platforms/iPhoneOS.platform/Developer/SDKs/, so you can navigate to that folder to see which iPhone OS versions you can target.
The best place to check which version of the iPhone SDK you have installed is to use System Profiler.
Apple Menu > About this Mac > More Info... > Software > Developer
Once there, you'll see version and build numbers for all of the major components of the Developer Tools. The top level version and build number corresponds to the name of the disk image you downloaded from Apple.
This works in Snow Leopard, but apparently not in Leopard. I don't know of a singularly useful equivalent in Leopard. Consider upgrading :)