I don't have a reconyx, but I can say I like the TC very much. Good video - good pix and the battery life has been nothing short of amazing. I got mine before xmas and it has been out there steady in video and picture mode and is still going strong.
As far as waiting for the next generation, I would not hesitate in grabbing an older gen model at a great reduced price. Of couse I will buy a new one also just to see how good it is.