No one knows when Apple will discontinue the iPod Classic.
However, it is a popular and relevant model (for those people who find the 64GB Touch too small). I do not know of any iPod that iTunes doesn't recognise and work with. You're far more likely to replace one you buy now simply because a few years down the road, the then current model offers you more functions. But that will be some way down the road.
Is it worth buying one?
- If you need the capacity of the iPod Classic (160GB), then yes.
- If you like the features that the Classic offers, then yes.
- If you cannot live without Apps, then no.
- If you are intending to use the iPod for running/jogging, then probably no, because the Classic has a hard drive inside which will not like being bumped around while you run.
I own an iPod Classic, because it offers the capacity I require. I also own an iPod Touch, because I like the Apps and I use it for listening to Podcasts, although the latest Touch is not as good for Podcast listening as my 2nd gen model.
I am not suggesting you buy both, it's an expensive option. I'm just trying to let you see the criteria you may need to use in order to make your choice.
I don't run, or jog!
It looks like Apple will never refresh the classic product anymore and i believe the classic is the least product available in stores in terms of stocks. But somehow people will still buy it for a particular reason although it won't sell like hot cakes like iTouch or Nano.
But your main reason is space, then i suggest you to have iPod Classic because this is maybe the only player in the market that have such a big storage. If your music collection is less than 50 GB, then you can consider to get an iPod Touch 64 GB which has better sound quality compares to classic.
If what you want is only music, get a classic, if you want more than that with apps, games, browsing, reading ebook, then get an iTouch either 5th gen or 4th gen iTouch.