I've been pretty anti-android (own a windows phone, prefer iOs and it's integrated marketplace and accessories ecosystem) but my nexus 7 really converted me - my concerns about smoothness have been worked out, and android no longer looks like a cheap iOS clone - good work talent hired from WebOs! I like jelly bean so took a leap and ordered a Galaxy Nexus. I know it's not cutting edge but it was a nice mix of hardware and software for THE TIME.. "The time" being last week, now this new LG phone made my middle-of-the-road phone an antique before it's even shipped (seriously, google play store - you need to take lessons from amazon on order fulfillment). And I just bought a mid-tier phone, I imagine I'd be more annoyed if I bought a Galaxy S3 or a HTC One X.
My wife is still on an iPhone 4 and hasn't felt left out for a few upgrade cycles (iPhone "5S" is probably the generation she'll upgrade to - that's quite a few years). Progress stops for no one, for sure, but is this spec race getting tiring to anyone else?
I love new hardware, few things excite me more than an unboxing of an amazing device! With that out of the way, there's no way I can afford to outright buy every great phone on every carrier.
How do I cope? By evaluating the device in my hand. Does the phone operate smoothly, are transitions snappy, does it still meet my needs? What features does a new device offer me, is the new phone offered by my carrier? Is this upgrade going to be worth shelling out off contract dollars to buy it?
I currently have a rooted Galaxy Nexus running Jelly Bean, yeah I'd love a new phone, hell I'd love to snap up an iPhone 5 & an SGIII, sign me up for the next Galaxy Nexus & a Galaxy Note 2 while we're at it

but that is just the addict voice speaking. My Gnex is a beautiful phone, performs my daily tasks flawlessly, so I silence my inner addict by reminding myself that good things come to those who wait. Soon I'll be able to choose from ALL of the above named devices.
People who hang out in hardware forums tend to lose touch with the real world, normal end users get phones & keep them for 2 years, a lot of them are very happy with the free upgrade phones or modestly priced models. Those people text, Facebook & Tweet very happily & don't lose a moment's sleep plotting as to how they are going to cough up $649 to buy the latest iPhone off contract. I look to those people for a shot of reality whenever I feel dissatisfied. Fact is, if you have a Gnex you have a phone that packs a helluva lot more punch & offers more options than the vast majority of phones out there.
There is always something newer coming "soon" appreciate the phone you've got, unlock it, root it, play with roms, make it the best device possible in terms of filling your unique needs. Half the value in android devices is the pleasure we get in customizing them, don't deprive yourself of that joy.