Interesting view Matt. Seems there are 2 questions here.
1. Should I buy now or wait for (insert tech advance here)? My answer is buy now. There will always be another, better tech advance. If you wait, you may end up waiting forever.
2. Should I buy mass market consumer gear or expensive "state of the art" gear. Obviously, it's a question of how fat your wallet is. However, from experience, I've found that most times when I went for the "state of the art" gear, I predicted wrong. My "state of the art" gear was quickly very outdated, often times by something incompatible. In particular, I understand that Sony and others have a competing format to replace audio CDs. How sure are you that DVD Audio will win this war? (I for one don't plan on replacing all my gear just to improve the "presense" of my music. However, I will replace my amp to get DTS and my TV to get a sharp picture to match my new DVD.) My answer to this question is to buy known technology and get the best quality you can afford. If Theta, Meridian, etc are within your budget, you're a lucky dog. However, if DVD Audio takes off, DVD Audio players, amps & speakers will be much cheaper in a year or two, when there will actually be software for them.