I have a P3 800 PC and am thinking of upgrading it very soon. However,
I heard that some a new Intel processor is coming out in a few months
that uses a new architecture and is really powerful. Also, I heard
that MS if bringing out a new OS at the end of the year. Is any of
this stuff true and should I wait? What is the best time to buy a PC,
in fall or at Christmas time?

The new Intel processor you are refering to may be a 64 bit chip
coming out soon from Intel. The new MS Windows version is probably XP
64 bit version. For the average home user, these two new technologies
will have little impact. They are designed more with high end servers
and supercomputers in mind. To save money, you might want to wait
until the end of the year when the large computer manufacturers offer
special sales. If not, now is just a good a time as any to buy a new
computer.

Microsoft Windows XP 64 Bit Edition
http://www.microsoft.com/WindowsXP/64bit/evaluation/overview.asp

Intel Itanium 64 bit processor
http://www.intel.com/products/server/processors/server/itanium/

Both the new OS and the CPU are practically useless for a desktop
user. I recommend you to buy an Intel P4/3.0 Ghz HT with FSB800. It's
the fastest CPU avaiable in the moment. Plus, I recommend you to buy
Win2k or WinXP Pro Corporate. The Corporate Version doesn't need to be
activated. The new OS is the ultimate spying tool for M$. SO DON'T USE
IT!!!!

The fastest CPU is a Intel 3.2GHZ, as of a couple of weeks ago.
For best value, buy what the industry is pushing: around a 2.4GHZ.
The reason I say that is that by the time you will ever use the power
of a 3.2 or 3.0GHZ CPU, they will cost a LOT less.  It will be much
wiser to buy a 2.4 system that is upgradable down the road.

Don't wait for the next thing with PCs... it looks like the pattern of
"something new around the corner" will keep up for another decade at
least. Longhorn is the  code name of the next version of Windows in
the works, aimed at the average Windows user, but I don't think it is
due till 2005 or so?  A while yet anyway. :)

My two cents in. Keep the change. :)

Regards,
slawek-ga

The new architecture won't make your computer more useful, just a
little faster, and you'll pay a premium for that speed.  Best value is
2.4Ghz and slower, like slawek said.

Since PC prices consistently drop with time, you'll definitely get
more bang for your buck around Christmas than fall.  But by delaying
your upgrade, you're stuck using your old PC for another 3 months.  PC
manufacturers try hard to predict seasonal demand and adjust supply
accordingly, so it's harder for you to time the market.  Unless you
need a specific feature that's not commonly available (for example,
TabletPC preloaded with office 2003), there's no big market-related
reason to delay upgrading.