If a refresh is coming out the very same year of Fermi's release, then there's really no point in buying a first gen Fermi. I'd much rather wait for the improved power, operating temps, OCing, and (generally) better price/performance.
My 4890 continues to do a fantastic job of rendering my games, so I feel no reason to upgrade to either Fermi or the 5800 series. Bring on the refreshes and I'll give it another thought.
It'll be 6+ months later, which isn't unusual for a refresh card.
Based on the logic of "something better is coming 'soon'", people should never buy a new card because there will always be something better coming.
If you want Fermi performance now, you get Fermi, if you want to wait for something which may be slightly better in some aspects, then you wait, but can be fairly sure that it won't be a monumental leap if it's just a refresh.
By the time the refresh comes, though, there will be a new card not too far off from ATI (I would expect), so why get Fermi Mk2 when you can wait for the next gen ATI cards (the ones after the HD5xxx refresh), which will be even faster than Fermi Mk2?
And then when that's out, why not wait for the cards which will replace Fermi Mk2 from NV?
This is a situation where Fermi is delayed, yes, but should perform well, so waiting won't buy you much, and you don't even know how long you will be waiting for, other than no longer than was planned before the Fermi Mk1 delays.
There is always waiting to be done in the PC world, but unless it's a reasonably short time period (say 1 month) and you have a clear idea of what you are waiting for, it's pretty pointless to keep on waiting.