I'm not claiming 3.5 is a horrible system--I can't make that call, having not seen the books yet. But I'm not going to assume that a newer edition necessarily means a better one (computer software provides a wonderful conuterexample to this). Even if 3.5 turns out to be the most wonderful thing is existence, I'm not going to drop $60, waste my time converting old characters and learning all of the subtle changes between editions, just so I can keep "official" and "current" with WoTC's vision of the best set of rules. Incidentally, if you've bought 3.5 and you really like it, I'm happy that you got your money's worth. But I don't think it's a good buy for me.
In closing I leave you with the following blurb from WoTC: "a person with the 3rd edition PHB and 3.5 PHB can sit down and not even know they are playing different edtions." What a crock that turned out to be.