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Why would you ask M4 users? Upgrading after just 1 generation is a bit dumb, especially for products at this level of maturity. Maybe M2 or below it could be enticing.
 
Got the M4 Pro MacBook Pro in November. Recently grabbed a 128GB M4 Max Studio. I don’t see myself going for an M5 any time soon. I want a *minimum* of 3 years out of my MacBook, and a *minimum* of 5 years out of my Studio. Then maybe I’ll be ready to consider a new M chip.

Although, oddly, I might ponder a cheap-end Air at some point - simply because I’m curious, but also to have something cheaper to throw around the place. Maybe an M5 Air at sub-£1000 might tempt me next year.
 
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You would if you want to update... people who live for benchmarks, the shiniest and newest, etc.

I've typically done 2-3 generations (i.e. when Applecare runs out), but the pandemic really changed how I use tech. And these days I do have more of an inclination to run tech into the ground, especially as I have multiples of each thing which can also work as spares. I'm almost all-M4 now (except for an M2 Studio) and while I will be making some changes because I realized I under-bought, once everything is stabilized I'll probably stick with the setup for closer to 5 years now, so my next major upgrades will probably be for M9's, unless something drastically changes for hardware reqs.
 
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