its not even 2 years into its life cycle, it still has at least 3 years left because i highly doubt theyll push on out only 4 years after( i know they did it with the xbox but thats because ti was a bitter failure)
What makes you think it's too late? Despite what i've heard others say, current lifespans for consoles seems pretty steady right now, at about 5-6 years. the 360 has been out for a little less than 2 years, so you've got a good 3+ years of gaming goodness if you buy now. And right now could be the best time to buy what with the new and improved versions just coming out, not to mention the competition with Sony just starting to heat up. Things can only get better from here, imo.
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