First, yes, in electronic's terms, the 1050 is getting a little old. It does, however, still posess the same qualities that made it a great receiver in the first place. Great sound, preamp ins and outs, 6 channel surround, and more, clean, power than specified.
It really depends on your price range with the 1050. For under $600, it's still the best sounding and best built receiver I've run into. Outlaw hasn't given any indications lately about a new receiver. If you also figure in the pricing of the 950/7100 combo, I would be a little surprised to see a new receiver in the near future. I think if a standard for the digital multi-channel interface is developed, that might trigger a new receiver. Until then, the only thing that makes the 1050 feel old is the lack of DPLII.
For the price, the 1050 is still one of the better audio deals out there.