I thought there was a rumor from a while back that the 480 wasn't so much better for mining than current cards that it was a no questions purchase, but who knows how much truth there was to that.
If older generation cards get deep discounts to clear stock, miners might pick those up instead.
Profit = Total revenue from mining - Power costs - Hardware investment
Unless its significantly worse(15-16MH/s) than current generation at similar prices, it'll be always better to get the most current card, in this case RX 480 over maybe/somewhat cheaper current solutions.
And based on the specs it wasn't going to be significantly worse. 1792SP, 256-bit memory older GCN uarch R9 380X gets ~20MH/s. How can a new architecture, 2304SPs, 15% higher core speed with faster 256-bit memory be slower than that?
And early leaks suggest 24MH/s. Either you will keep the card to mine other coins when you can't mine Ethereum anymore, or sell it on ebay/craigslist when its done. Either way, recouping the costs are still significant part of net profit.
Case 1, Sell RX 480 after Ethereum is over: RX 480 will have far better resale value than current discounted cards. Especially really old ones like 290X. Lower power costs on the RX 480 means its more profitable until end of Ethereum mining.
Case 2, Keep RX 480 after Ethereum is over for gaming: It'll be a better gaming card with better games support, better features(which benefit you in some scenarios even if the performance is same)
Case 3, Keep RX 480 for mining other coins after Ethereum is over: Newer cards are better for longevity, power costs are lower meaning lower profit coins stay profitable for longer.
No reason not to wait for Polaris.