is it still worth buying a 360 now?

[Dodece]

There are a few points that other posters are neglecting to mention.

First Microsoft has a better stance on backwards compatibility then Sony. So any games you do pick up on the 360 will probably be playable on the next machine. That means as the new machine arrives you can sell the old one, and regain some needed cash. You will also not have to sell your beloved games. Basically the console will have a better resale value.

Second Microsoft uses a core as part of their model. Which raises the hope of keeping your existing storage, and simply transferring it to your next machine in the series. Once again that saves you some money.

Third the profile system on the 360 is bound to be moved over to the next system in the line. So your virtual library, game saves, achievements, and your avatar can all move along with you.

Others have said the machine is probably four years away, but when it does arrive the chances are good that you can bring most of your original experience over with you when you transfer. Basically you can save money by investing in the brand.