You could sit and wait forever for prices to drop. If you see good deals and have a budget to work with, get whatever you can at the time. If you wait 6 months, then you'll be thinking - I wonder if prices will drop further...another 6 months and new tech is out and you think - I wonder if those prices will drop.
In computers and tech, it could be never-ending cycle.
Right now, you can get the i7 920 for $229.99 from microcenter. I know the GPU options are dropping still (4870 for $150 or less).
The biggest drops that I would look for would be in the X58 motherboards and the DDR3 RAM - if you can find a deal, you can build a solid i7 build for $1000 or so.