The prices for the current iPad Air are unlikely to drop much until after the new iPads are out. There will probably be a few sales in the next month or two, but if the past is any indicator they will be for the bottom tier iPads. I don't recommend them to anyone who wants the tablet for more than internet access, reading, and casual gaming.
On the other hand I don't expect the new iPad Air (or whatever they call it) is going to be leaps and bounds better than the current model. It will probably have a fingerprint sensor, a bit more speed, and something else that makes it desirable over the current model. Other than that, who knows.
So, if you are in a hurry to get an iPad Air and find a fantastic deal, you probably won't regret it too much.
If you like to have the best you can get, wait.
I have an iPad Air and do not expect to upgrade this cycle. It will be the first time I don't get the newest iPad. That's how much I feel the tablet has grown.
I am, however, planning on a new iPhone. Mine it two years old now, and the contract will be up soon.