I am currently running a 2 year old computer with the following spec:
i5 760 (running at 3.8ghz)
4x2GB Kingston PC3-10700 DDR3
EVGA GeForece GTX 970 (got it 2 months ago)
Samsung SSD 840 EVO and a few mechanical harddrives
Corsair 750w power supply
Lately, feel like my system mobo is getting too outdated, mainly because it limited my SSD to half speed. Also, I would like to upgrade to 16gb DDR3 which seems like a waste of money if I get 4x4gb old ram. Also, the new game coming out this year (dragon age / GTA) all seems to be super CPU intensive, my i5 usually run at 90+% when I play those games. So, I am thinking about spending 600-800 to upgrade my system to an i7. Do you guys have any good suggestion regarding what mobo and i7 I should get? Or should I consider AMD system instead because the price difference? Also, since the next gen intel cpu are coming out later this year, should I wait till then to upgrade since it might push the price down for all the Ivy Bridge and Haswell CPU?
If you're going for CPU, MOBO, RAM you could look into z97 build. 4790k and a Sabertooth mobo. You can probably find a board that's a little cheaper without the bells and whistles for maybe $50-100 less, but I think even with RAM you'd be under $800. It looks like you are comfortable with overclocking so I wouldn't go too cheap on the board.
I would jump on X99 if you can afford it. Z97 is nearly EOL. Otherwise wait for Z107, your rig should hold up till then.
I haven't looked up what z107 is bringing to the table, but if waiting is not an option I'd still say z97 for your needs. It may be EOL but not EOS. :D I think you'd run a single card happily for 3-4 years and the price on the hardware is decent right now. You'll see a GPU upgrade in half it's life and call it done. x99 is great and I would opt for it personally, but you need to be throwing more than a single 970 and some AAA games at it to justify. Considering he just bought the GPU and he'd need a new power supply to run a 2nd I would just keep it simple.
My main concern is that there will be a price drop once the new intel CPU role out 6 months later. I am didn't keep up with the hardware scene for a few years, is it still true that last gen CPU will have a big drop in price (during a sale possibly) once the next gen CPU rolls out?
Now or wait is only a question you can answer. It's all whether what you have in front of you meets your standards. You need to decide that then ask for tiered options regarding your budget. I can give you $800-$8000 and a bunch of reasons why but it's all around you.
There's no mass exodus of pc hardware where you're going to get half priced systems. I mean you can monitor places like newegg for sales, but they are pretty careful to protect the core value of certain items and discontinue them. At least that's how it appears. $800 today is $600 3 months from now. It's a pitfall you can't avoid in PC Hardware, but the bottom never really falls out of any lifecycle where it's traded as dirt.
An OCed 8350 does well enough in games if you want more cores for less. You could also consider possible 970 SLI if you can find one used on the cheap.
The current gen Asus mobos are overpriced, there are plently of very good lower priced mobos especially from asrock (the extreme 4 for example) and a 4690k is great, the extra amount of money that you pay for teh 4790k with slightly higher binned chips and hyper threading isn't worth it. Nor should you wait, if you want the best PC parts you may as wait 100 years and they get something then. Just buy it now and don't regret it.