For the record, I feel that Pathfinder and D&D 4e are side-steps, not upgrades. They are different game then my current one. It doesn't make them "better", just different.
This is my position as well. 3.5 is just fine for me as a player. As a GM, it was choking the life out of me (prep time). 4e is better in this regard, but most players I have encountered are not thrilled by the game. I'll play 4e, but I can take it or leave it.
On Pathfinder per se: 3.5 pissed me off because it fiddled with stuff with only modest gains. I really am not up for going through it yet again with Pathfinder.
I switched to Savage Worlds. That system really does what I want as both player and GM. Plus, after the $10 investment for the core system (that is player side and GM side), every $ I spend on SW stuff is honest to gosh new ideas and concepts. Anything from playing fantasy (some cool worlds beyond generic fantasy like Sundered Skies) to WWII (both normal and "weird war"), post apocalyptic, future, 1889, etc.
So if I go to Wizards and pay $90, I am buying "yet another fighter" and the newest edition of an orc. If I go to Pathfinder and pay $90, I am buying...yet another fighter and orc. Wizards is recycling everything from 2nd (Darksun) and 3rd edition (every class/PRC name/monster). By all accounts, the 4e modules are pretty weak, so even that is not worth picking up and converting.
Now Paizo has some other great stuff. I bought the Pathfinder worldbook. I would get the APs, but a buddy of mine is running them so I do not get them out of respect for his campaign. So I have not problem with them, but I do not need their system to game. Its just not worth the bang for the buck.
So big picture - I really do not want "yet another fighter and orc" for $90. I want interesting new material*. Christ, even WOW gives out some new content between major expansions... (pointing at you, Wizards, not Paizo).