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This stuff moves in waves. Up, down... Things always come around eventually.
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Posssibly if you can wait another five or ten years, you could be right. Who knows.
This business is still a good earner and I still do well, but not like the "good old days". But affiliates expecting updates from mainstream porn sites might be sitting on their thumbs when many of them can't afford content.
I update regularly and always will. I am usually two years ahead in content production and up to five years on one site. So it makes little difference to me one way or the other.
The new focus in this business is video and unique video. I was fortunate enough to have shot thousands of videos...not just clips...over the years on high end video cameras (mostly hd) so am turning my attention at the moment to vod. If you don't have a huge backlog of videos, it might be time to think about feathering your video nest for the future.
VOD sites are more realistic in their aff payouts as well. See the AEBN model. It could be a way forward for affiliates and content producers.