Mining with good amd gpu's is still profitable especially the last few days with the alt coin craze. I wouldn't expect this to last but feathercoin was 400% more profitable to mine than bitcoin almost all of yesterday and china coin was 1000% more profitable than bitcoin all day today. With my 4.5 kh/s, chinacoin made me about 2 bitcoins today by immediately exchanging mined chinacoins for bitcoins.

However, by buying hardware now you would still be making a bet on how long people are going to be entertained by these new alt coins which really don't offer anything new. At current exchange rates a single 7970 will make you about $5.33 a day mining litecoins or $3.51 a day mining bitcoin (not factoing in power costs) and this rate is generally going down as the difficulty keeps rising.