3. Try to sell your camera from step 1 at half it's original price to go towards the new camera which is already cheaper than the one you intend to replace it with. The more you spend, the better photographer you are. Right?
4. Realise you'll never sell the camera from step 1 unless you half its price again.
If I've had followed that advice I'd been about £400 worse off - before depreciation. Eighteen months ago I bought a Canon 300D. Shortly after, they brought out the 350D. I was miffed, but I'd got a good deal so that cushioned the blow. Now, all those who bought the 350D thinking they'd got the bees knees (where did that saying come from?) will be weeping into their camera bags as they read about the new 400D; which is a 10 megapixel beasty, as opposed to the 350D's 8. It also has a larger display screen and can take more shots before having to write to flash. Bugger.