What I'm trying to achieve is to buffer incoming events from some IObservable ( they come in bursts) and release them further, but one by one, in even intervals. Like this:
-oo-ooo-oo------------------oooo-oo-o-------------->
-o--o--o--o--o--o--o--------o--o--o--o--o--o--o---->
Since I'm quite new to Rx, I'm not sure if there already is a Subject or an operator that does just this. Maybe It can be done by composition?
update:
Thanks to Richard Szalay for pointing out the Drain operator, I found another example by James Miles of Drain operator usage. Here's how I managed to get it to work in a WPF app:
    .Drain(x => {
        Process(x);
        return Observable.Return(new Unit())
            .Delay(TimeSpan.FromSeconds(1), Scheduler.Dispatcher );
    }).Subscribe();
I had some fun, because omitting the scheduler parameter causes the app to crash in debug mode without any exception showing up ( I need to learn how to deal with exceptions in Rx). The Process method modifies the UI state directly, but I guess it's quite simple to make an IObservable out of it (using a ISubject?).
update:
In the meantime I've been experimenting with ISubject, the class below does what I wanted - it lets out buffered Ts in a timely manner:
public class StepSubject<T> : ISubject<T>
{
    IObserver<T> subscriber;
    Queue<T> queue = new Queue<T>();
    MutableDisposable cancel = new MutableDisposable();
    TimeSpan interval;
    IScheduler scheduler;
    bool idle = true;
    public StepSubject(TimeSpan interval, IScheduler scheduler)
    {
        this.interval = interval;
        this.scheduler = scheduler;
    }
    void Step()
    {
        T next;
        lock (queue)
        {
            idle = queue.Count == 0;
            if (!idle)
                next = queue.Dequeue();
        }
        if (!idle)
        {
            cancel.Disposable = scheduler.Schedule(Step, interval);
            subscriber.OnNext(next);
        }
    }
    public void OnNext(T value)
    {
        lock (queue)
            queue.Enqueue(value);
        if (idle)
            cancel.Disposable = scheduler.Schedule(Step);
    }
    public IDisposable Subscribe(IObserver<T> observer)
    {
        subscriber = observer;
        return cancel;
    }
}
This naive implementation is stripped from OnCompleted and OnError for clarity, also only single subscription allowed.