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Is this credible, what's the usual lifespan for Canon digital cameras ?
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It's got to be good for the consumer, if the 700 suited you needs, and you bought it, before the 750 was announced, then you'd be stuck with it at top price. With the announcement of the new model you can choose whether to get the latest one or take advantage of the inevitable biggish savings to be had on the older one.
Personally I think you're much better going for the one on the way out as the one on the way in. It's impossible to have the 'cutting edge' equipment for long anyway and the camera that was top class last week isn't suddenly crap this week.
Take advantage of the savings to be had, in three years time both cameras will be considered 'old hat' and the distinction between them will be blurred to say the least.