It is still happening but the pace has somewhat slowed down, now you are talking about 6 months to a year before the fastest and best PC comes out, look at SSD drives now, that was/is the rage but larger capacity is still too costly.
It goes without saying that the one who is patient, will be the richest man among others. It is people like us that spends sizable amount of money on gears that will be eventually poor.
I think we have our cake and eat it too! I find that by establishing a gear budget that kind put a stop to how far I can go buying new equipment, my rules are simple: fix amount of money which can only be replenished by either selling some old gears or making money from a hobby. Other than that, that's it. So that makes me become patient and only spend the amount of money where my budget can take it and I feel I still have some cash left for other items, else sell or hobby cause if I reach the bottom, I won't be happy!
Not in the scale like the old days, every piece of upgrade was substantial. Adding a video ram to a video card adds substantial improvement. Every 10 Mhz overclock is substantial. All applications see benefits. Nowadays even a 5 year old computer is still usable. The applications that see benefit for an upgrade today are high-end games and benchmarks. Put on a 256 GB SSD and you don't need to upgrade it till it stops working. Just throw non-system files/data to a NAS with cheap terabytes of HDD.
Now we see a lot of different players. As the market for hi-res DAP grows big names will join to take a share of the pie. Then we will see a consolidation and or merger. We have Sony on board now, I'm curious if we see another big name joining the party.
Fiio and Ibasso reminds me of Acer and Dell of the early days of PC.