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I'm waiting on Z9ii to release which should time with the Olympics. I don't think the Z7iii is going to do anything better than the Z8 other than taking a grip better *the Z8 grip is an abomination*.I agree with you on most of what you said in the same paragraph, which is surprising, but I disagree with you here VERY much. The wait isn't a year or two; it is a few months, and specifically for the "rumored" Z7iii with its very high resolution and reasonable prices, as alleged. I would wait until Q1 of 26 for certain. If nothing, I'd go for the current version of the Z8 at that time.
No one is doubting that the D850 is a great camera, among the best during its time, but the benefits of the mirrorless system (including Z lenses) are not open to doubt. The modern system is going forward and bringing better products, where the D850, although great during its time, is just not going anywhere. Why buy a product that is a few years not in production, EoL, and isn't going to be updated, while current technology is going into a new direction? Just doesn't make any sense technically and economically.
BTW, there is also the anticipated Z90.
NikonRumors and Reddit haven't had anything about the Z7iii that is substantial and if were were this close I think we'd see something about it by now no?
Similar with the Z90, they've only got 6 DX lenses out and they're all basically kit lenses. Since the FF's can toggle to DX mode and instantly fill the EVF there isn't the advantage for shooting big glass like there was with the D500 and since we don't have a mirror to mess with there is no speed advantage for FPS so I would be genuinely shocked if they released a pro level APS-C body.
Could be wrong, but I think a near 20yr tech advancement coming from the D90 into the modern mirrorless world with a Z5ii, Z6iii, or Z8 is going to be a big enough change and frankly over the next couple of years I think the only major improvements we're going to get are in AF and that isn't a huge issue underwater vs. shooting birds and sports