Thanks a lot, very sensible thoughts. I am not sure at the moment what I might be doing. Once I thought, I would go to Australia just before it expires and get a RRV and buy some more time and may come back, anyways. Need to study more about 157 I guess.
On the other hand, if I apply for a new PR, do I need to start over all again starting from skill assessment to IELTS test - I mean, can I get any waiver for having a PR earlier - any idea on that?