I honestly believe that you just need a rudimentary understanding of organic chem. I have taken both semesters of orgo in school, but i didnt learn a thing - not kidding....i never studied hard for it at all. And all I did was read the kaplan orgo section like twice, and got a good handle on the orgo notecards by kaplan
COnsidering the mcat only tests SN1, SN2, E1, E2, activation/deactivation, a few named reactions, and a few oxidation reagents here and there, you will be fine if you thoroughly study the kaplan books, and if you do lots of practice passages in o-chem. That's where my real learning was.
If you are considering applying for Fall 08, i suggest you still give it a shot - anything can happen, and if money is not a big issue, then go for it. there's no point sitting around for 1.5 years, then IF you dont get in the first time you apply (for F09), then you may have to take the MCAT again....so just apply anyway..if you get in, you get in, if you dont you try again. Make sure you apply to schools within your range, as its pointless to apply to hard-reach schools for F08 cuz they only accept cream of the crop of those that apply late.
hope that makes sense. I know many ppl will disagree on my take on you applying for F08, but honestly, you will never know unless you give it a shot and apply atleast to a few schools.