Well, as of July 2008, I expect it will be at least 4 months before Wrath of the Lich King gets released and if history is any indicator, it till be more like 6+ months.
You should continue working on getting better gear for at least 3 months unless you only plan on playing occasionally (1-2 days a week) until Wrath comes out. Sure people with crap gear got fast upgrades when BC came out, but they still had a hard time in BC instances without BC upgrades from the usual methods. Also people with good gear when BC came out got to the level cap much faster than those who didn't.
Here are way to keep trying to upgrade your gear:
- You can make $ much faster as a level 70 with dailies and buy upgrades from the AH faster. Most will be good greens and blues, but they will be better than waiting. Also, with more $ you can buy ingredients for very good (but not end-game) crafted items to fill out your gear. I made a sweet set of goggles for my engineer rogue for around 500g.
- Keep working on your professions, if you have a crafting profession you can sometimes make good gear. If I wasn't so cheap and didn't buy 3 epic flying mounts, I would probably have spent it on crafting good gear either by others or with my own chars.
- You can also fill out your gear with arena items. You can usually throw in 10 2v2 or 3v3s once a week to be able to upgrade at least one item in a couple months. It should take you less than an hour a week.
- Assuming you're in a decent guild, you should be able to do a few level 70 instances and upgrade at least 2 items.
- Continue to do BGs anyway, since the points shouldn't expire with Wrath. You could probably upgrade some of your gear with Wrath BG gear.
- Do some research on rep gear. Some reputation based gear at honored and revered is decent. Just don't put too much time in factions that won't allow decent upgrades for your class/spec.
I have crap gear too (only 4-5 epics on my main), but I'm not going to wait for Wrath.
I know some guildies who's mains turned 70 less than 2 weeks ago; they aren't waiting.. and my guild is small.