Seems like a 6 month update cycle also. Once you rid yourself of the "must have the latest and greatest" mentality the price cuts and new specs/models doesn't bug you as much. Well, me anyway.
I did it with the HTC One X, Note 3 and then the G4. G4 battery was k*k, 2k screen was over hyped and processor was nothing special. Ok the camera was the shiznit tho... But I was over it. Paying R480pm for that was a waste and for 200mb ffs
I think my mate and I will upgrade every year or so now. Sell our current phones for a fair price and get the latest one at the moment. No contracts... Ever again.