Buy now or wait for later: phones

As someone who does not own a smartphone I'am looking to join the market but am also wary of jumping aboard hastily. I was eyeing of a Optimus 7 on a 2 year plan but am having second thoughts with the shadow of the impending Apollo update looming very tall I'am uncertain if this phone will receive the update. Australia as a market is devoid of new Windows phones with only last generation mobile phone models available.

The question is as follows should I purchase an old model that may not be updated to Apollo and run that risk or should I wait for post CES and/or MWC and reconsider?

Also as a side note America's exclusivity of products like the focus and flash is incredibly annoying. Whilst the focus as a namesake is associated with AT&T, it could still be re-branded. I'll just finish my rant there, it probably deserves another thread.