Now or wait

I think it boils down to whether you need the system now or not otherwise it wouldn't hurt to wait and see what the new tech has to offer.

Then if you decide the new tech isn't worth it, you can still get the current gen stuff which will probably be cheaper by then.
 
Probably by early to mid Q1 prices of current components will be significantly cheaper and new tech will be available. At the end of the day, if you need the system (or just cant wait that long) get it now but remember you wont get as much for you money. This is probably more relevant if your budget is lower, more around a mid spec machine. A budget of £1500 will buy you a very good machine which you could always upgrade graphics card for example when ATI 6xxx series is out.
 
If this is the case, then surely getting a current gen i7 running at 4-4.2Ghz be a better option with my budget?

Well it all depends on how much the unlocked CPUs cost when they come out.

Currently you can get the i5 655K (hyperthreaded dual core) for £177 and the i7 875K (hyperthreaded quad core) for £252.

Looking at this - for sandy bridge there will be multiplier unlocked; hyperthreaded quad core (i7) and non-hyperthreaded quad core (i5). If they maintain their current price positions, these chips would be a pretty good deal compared to a current i7/X58 system- especially considering they are faster clock for clock.

However, they will not be light-years faster than an X58 system and the X58 has more PCIe lanes and triple channel memory. If your current system is not up-to-scratch then definately upgrade now - no point in sufferring bad performance if you are able to remedy it, but if current system performance is OK, then waiting will net you a better system overall.

As for the h70 - wont it result in more air flow in case causing other components to be cooler anyway (aside form the CPU)?

Not really. If you have any sense you will run the H70 exhausting air out of the case - and in this situation it will remove air no better than a decent 120mm fan (most likely less due to the restriction provided by the radiator).
 
Well basically if I were to buy it any time soon (i.e before new hardware comes out) I would be looking at either:
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or
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