Well, that's a pretty loaded question.
First, I agree that takes guts (and money) to spend $400-$500 on a video card.
However, anyone who does that now, will not have a card that is obsolete anytime soon, let alone one year. I think someone who bought an X800pro or 6800GT would be able to use that card for two years easily.
I just bought a 9700 pro in January, and that card is quite fast. Someone who purchased that right when it came out would have been able to use it for quite some time.
I'll personall wait until december and see what's available at that time (I'm guessing it won't be much of anything new or faster, just the same stuff but less expensive and more available).
-D'oh!