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Going by the previous schedule, CS6 should hit October 2011.
I bit on CS5 extended from CS2. In general, for what I use it for, I find that given the price I have to wait as long as Adobe will let me get away with.
That being said, I find the CS5 is one of the more solid releases where a lot of the "wow" features from CS2-4 that made the press releases finally work in a manner that makes them actually pretty good. In addition, the new "wow" features for CS5 are much closer to what they promised than many of those announced in the past. It's wrapped in a good UI, and workflow was improved for a lot of more complex tools.
IMO CS5 is a very satisfying release compared to some in the past. However, compared to CS4, it's mostly polish and the content aware fill stuff. If you are sensible, wait for CS6.
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