The reason why I'm waiting 5 years is because I just built a really expensive system last year (sort of started in June 2004, ended in January of this year):
ABIT IC7 MAX 3
P4 3.0 C @ 3.5 GHz
2 GB RAM
6800 Ultra
Audigy 2 ZS
Klipsch 5.1 Ultras
Dell 1905 FP(?)
I chose intel because I started building just before the 3500+ was released, and AMD was actually worse than intel by a bit when you consider the overclock.
Aside from the speakers, I think it was a poor investment. I also think that PC gaming and PCs in general are going to change dramatically within a few years thanks to the advances being made with gaming consoles. X86 is old and needs replacing or dramatic improvement ASAP. Cell owns current PC processors. So does X360's Power PC architecture.
We need 4+ core, 64-bit processors running on solid 64-bit software.