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There will almost certainly be a K4, and all the rumours indicate an October availability. Standard return policy on Kindles is 30 days, so if you order a K3 now, and return it within 30 days, you'll be able to then order a K4, assuming it has been announced for pre-order, which seems highly likely given Amazon's history. But you won't be able to "exchange" one for the other. All your Kindle books, however, can be downloaded to the new K4.
Personally, I've had my K3 3G for quite a while, and I'm not particularly interested in upgrading to a K4 unless there is some compelling feature I haven't heard about yet. OTOH, a Kindle Tablet? I might be interested. Though in the end I may opt for a Windows Tablet instead.
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