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I think the answer would be YES, Dell does have a new PPC in the works. The product development cycle on these products must be fairly long and I imagine they're already taking feedback on the X3.
As for whether you should hold off or not. I think that's a question you should be answering yourself, not getting an answer from strangers in Internet land :)
If you need CF and need a PDA now then get the X5.
I wouldn't be assuming that the X7 (or whatever the next release will be) will even HAVE CF. It's a technology that is being phased out, like it or not.
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