The Studio Display is Apple's newest standalone display, offering a high-resolution 5K LCD display with a built-in camera, speaker system, and microphone array, in a slim, aluminum design. The Studio Display starts at $1,599, and was released alongside the $1,999 Mac Studio.
The Studio Display is the newest external display in Apple's lineup and is very early in is product cycle. Since it is an entirely new display product line and there have been no previous models, we have no indication of how long Apple usually waits to update it. Now is a very good time to buy the Studio Display and customers should not wait for a replacement model to launch.
There are early signs of a different, high-end 27-inch Apple external display with mini-LED and ProMotion technology, but this device is not expected to replace Studio Display, with this device set to sit alongside it at a higher price point. If you would prefer a more advanced display and are willing to pay a premium for it, it may be better to wait for this other external display product to launch later this year.
The Studio Display is Apple's most affordable external display, but for a larger, more advanced display, there is the Pro Display XDR, which starts at $4,999. If the $1,599 is beyond your budget, you will need to look for an external display from another brand since the Studio Display is currently Apple's lowest-cost display.