I bought a 3DS and I don't regret it. I know that before this thing is discontinued, Nintendo will release enough 1st party content to make it worth it.
That said, the video game market has changed, and not in Nintendo's favor. All 3 of the big console makers are becoming less relevant to the technological landscape. Microsoft basically survives on a few PC software products, Sony is projecting that it will lose several billion dollars (again) this year, Nintendo just had a lackluster 3DS launch and Wii sales are in decline. None of these companies is really making money off of video games anymore. The unfortunate thing for Nintendo is that that's all they do.
I don't think that 5 years from now everyone is going to be playing simple $1 iPhone games, but the old model is quickly becoming obsolete. I actually think that the 3DS will be a major financial failure for Nintendo and that it will be their last handheld before they make a dramatic change and go the SEGA route, producing games for other devices in a few years. The 3DS is simply not going to sell well with smartphone owning adults and it's far too expensive (especially the games) to be a Christmas gift for most children. I think we will see a major price drop next year and a discontinuation 1 or 2 years later.
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