Well, for myself, since I already promised myself that my current system, which has just reached its 2-year-old point, will be what I use until 2008, or possibly late 2007; I've already sketched out that the processor I'll get next will be quad-core, not dual-core. So yes, that might be quite a ways to hold onto my (already ageing) A64 2800+/X800XT, but that's the way it is.
From the perspective I'd take if I was just about anyone else, I'm not positively thrilled by AM2. As AMD themselves seem to have mentioned, there's no real performance gain to be seen; you'd have to use DDR2-667 memory to equal the performance A64 users are used to with DDR-400.
In reality, I only see AM2 yielding performance gains when faster memory becomes standard; DDR2-800 does already exist, but it's out of the price range for many people. DDR2-1066 would be even better, but THG, as I believe, has shown that no brands live up to that promised speed.
In short, I'd have to say that for people out building a new system already, AM2 would likely be the better choice; it will definitely keep your upgrade options wider, and if you can afford a lot of money for RAM, you might see a bit of increase there. But for those of us with a system that's been doing fine for us already, this is a place to hold. Conroe does look intriguing, but personally, it isn't enough of a reason to scrap your current machine either, unless you've got a Prescott.