I started my Project Life in July so it's pretty new but I'm liking it so far. I did a blog post about it
here with an example of one of my spreads.
I'm a little behind right now since I put Project Life on hold to do A Week In the Life. I'm doing my Project Life to document the last year of my 20s so my album will go end of May '11 to end of May '12 since that's when I'm turning 30.
If you're excited about doing Project Life, I would argue you just start now. I've found I much prefer to start these big projects in the middle of the year rather than at the beginning of the year when I'm usually burnt out from the holidays and the photo-ops aren't as good since it's the middle of winter. It's much easier to get through winter when I'm already in the groove of taking photos and such.
Plus the great thing about Project Life is it's super adaptable so once the new products come out, you can easily add those in to your album going forward and it won't even matter.