I've got a MacPro 1,1 with 16 GB RAM and I expect it to be in service for at least three more years. The drive set has been upgraded and Bluetooth was added, but other than installing even more RAM I don't see making any more upgrades.
My thought is that processor upgrades aren't cost effective and the money is better spent on other items (RAM, disks, better monitor, better chair for my butt, etc.).
My ten year old PowerMac G4, heavily upgraded, is still in service and is used regularly for back-ups and compatibility testing.
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Apple will almost certainly drop support for 32 bit machines in 10.7; it will be Intel 64 bit only and all Intel 64 bit Macs will be supported.
Apple will continue to push owners to newer hardware. OS/X 10.8 may continue this by dropping support for systems without discrete video just as years ago support was dropped for machines without FireWire.