I have pretty much kept all of my 7th edition games to strictly goofy narrative games, Kill Team games, and special event games, all with particular players that I know what kind of game they are looking for.
The prevalence of Formations and Detachments killed my excitement for larger games. Having a life outside of miniature wargaming does not give me enough time to study up and memorize each Codex like I uesd to do. There is just so much content that I can't keep up.
Back in 5th edition, and up to the Eldar Codex update for 6th edition, I had every Codex memorized. Not necessarily for points costs, but for basic equipment options and what certain units could do, I had it memorized and knew everything going on. (A couple experiences against cheaters drove me to it.) This was back when I was finishing college and did not have a job or major familial commitments. But since life happened and I changed priorities, I can't keep up with it, let alone experiment with rules and formations, etc.
Anyways, regarding the original post:
Right now, I would wait for 8th edition before getting into the rules. If you want to read the fluff, go for it! I also think that it will be safe to collect and paint models that you think look good. Will they be better, worse, or the same in the next edition? We will find out when the edition drops. But it's never a bad thing to have a cool, painted army on your shelf ready for battle!
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