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Drake the Outlaw
I also agree with that. We've reached a maturation level in the personal computer world that doesn't require an upgrade every 18 months in order to even function like it did back in the late '80s into the mid-'90s when OSes and application software was changing at a rapid pace. The fact that a huge number of Win XP systems are still in service is a testimony to that.
This is most of the answer, IMO. I remember when the 286 replaced the 8086, when the 386, 486, and Pentium came out. Each of those jumps was significant in terms of processor speed and capability. Also, storage devices were improving in leaps and bounds. And software developers took advantage of every hardware improvement to write more capable code. So it made sense to upgrade every few years.
That rush has petered out. Today, the only people who need "latest greatest" type hardware are gamers or others who are in graphics intensive settings. Otherwise, e-mail, Excel, Internet Explorer, etc. are plenty happy with yesterday's machine...