I actually am wating for R5, especially the 1600X. Content Creation, yeah, it will take a few minutes longer to render a video, but if you don't to that for a living...who actually cares? Streaming and Gaming is still enough with it, and it gets Boost Clocks up to 4 GHz, so it should get to 4 GHz with a decent Overclock.
The new Silicion isn't really overclockable (but that was the same when Intel switched to 14 nm...so, nothing really new), i guess you'd have to wait to Ryzen 2. But it's plenty enough and in games it actually sometimes will probably be faster than the R7s.
Also, i'm waiting until the lazy ass Mainboard manufactures finally catch up to the AGESA Code AMD has given out months ago...also, mITX. Or at least decent µATX...i actually want more space to build, because i frequently move things around in my case, reroute cables, and so on...
So best advice: Wait a few more weeks and see, how good R5 holds up. Remember, AM4 is going to be around for the next 4 Years, if not longer, so you may be able to just upgrade to something "bigger" this year.
btw: pretty much every new monitor with DisplayPort 1.2a can do FreeSync, even if it's not really written on the box. I just bought a cheap ass 1440p Acer Monitor and it can do FreeSync, just because of the DP Specifications. And it does work, you can see the difference^^