There are always several sides to all of this. If you use the gear for making money, then you buy what you need when you need it and do the work to pay for things. Sure, a nice price drop is great on the bottom line for the buyer, but if you have missed or are avoiding work that could be done with the gear, what economy is there in waiting?
For those that do not use the gear so much for making money, then sitting around and watching and waiting for the prices to drop is not a bad idea. It is your money, so why not try to get the best deal you can.
Also, if you make a decision to purchase something, be sure of that decision and do not look back (buyer's remorse), and also stop "shopping" prices.....it will only make you crazy and create internal stress. Instead, go use the gear. Go enjoy having it and using it to get the shots you want or are imagining. Almost every piece of gear will depreciate....some faster than others....so just think about how much enjoyment and utility you are getting while you have it and then either sell it or add it to the collection.
Trying to guess how low prices may go is mostly futile. Heck, how many of us thought we would see the H3DII-31 at its present price? Will it stay that low? for how long? what will the "replacement" be like and how much? Just think about the amount of time some have been waiting/drooling/anticipating the S2. How many things were not shot or done while waiting? (I know that I have suspended some of my own business waiting to see what the price on the S2 may be, and also wondering what the next Canon 1-series will be and how much. I have managed to keep shooting with the perfectly good cameras I still own, but I do know that I have NOT ventured into some areas while waiting for more news, and honestly, I am starting to regret that a bit. But since I am this far into the speculative wait, I will stick it out a bit longer, or realize that I just need to buy the gear I need and be on with it.....and stop worrying about the pricing games.)
LJ