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Some people are waiting for the Kindle 3...and the Kindle 4...and the Kindle 5...and...
See what's happening here? Honestly, it's an electronic book, meant for reading books. How fancy do you need your black ink on a blank page device to be? I mean really, other than the books, do you really need all the other bells and whistles? Most people have a laptop, smartphone, droid phone, PSP, or some other gizmo that picks up the internet for browsing, so it's not necessary for their e-reader be able to surf the web.
As for color e-ink, that would be great for magazines, but the first or second gen models won't (most likely) be crisp and clean and hi-rez, so the black and white will still be what you go for.
Bottom line, don't fret about getting a current generation e-reader. The truth of the matter is that it will do you just fine for several years. Enjoy your Kindle 2 (mine's in transit from Amazon) and don't have any remorse if a newer model comes out in a few months. Worst case scenario is that you can put it up for sale on eBay, Craigslist, or here, and someone will take it off your hands, and you can apply the cash to the newest thing.
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