Here's my opinion, and it is not a decision I'm making for you.
You have two options. You can wait for releases that might come soon or some day, but not able to play newer games due to firmware changes, even though you can "run" them. Some homebrew if it ever picks up may rely on features from a newer firmware (if their are any?), and might not want to port it to others. This could possibly go both ways though, because of deprecated functions I guess? Of course, official games are protected I assume from the ladder, of older not working on newer.
Or, you can update to 5.3.2 enjoy what little we have for backing up our games, and cheats if you're into it. And continue to wait like you are now with nothing, but with at least something to do. As far as I know 5.3.2-5.5.0 IOSU hacks are being worked on already, and there are private kernel and userspace exploits for both basically. So I'm just enjoying 5.3.2, able to backup and update my games externally, preserve discs, and sometimes even preserve the wrapper.
So personally, instead of just waiting and just playing what I have. I'm waiting, playing what I have/find, making cheats for fun, and learning a bit about programming. There's even an app to update your disc/eshop based games to play on the latest versions.
So on both ends you're waiting for IOSU. Seems simple to me, even if I have to wait longer.
So if you decide to update, use a disc game to update to 5.3.2.
If not, sit back and enjoy what you have.