As much as I hate being cynical*, I still think this is just a step in the direction of Madrid or whoever for Suarez.
What does Suarez want? I'll admit, I wasn't chatting to him recently, but 'according to an un-named source' (ie I'm guessing), he wants to play in the CL. But he also wants to play for one of the current giants. Isn't he about 26? so he's coming to the peak of his career. If he stays at Liverpool for anything more that a couple of years he's taking a chance that he'll miss out. Maybe he sees it as in his best interest to wait those couple of years, but why would he?
I'm sure he will have decided he'll stay at Liverpool this season; it's a world cup season, he wont want disruption. Next season though is a different kettle of fish. If Liverpool make CL, and even if they get some good players in the summer, they still have a long way to go to live up to what he can justify as expectations. And they are still some big if's.
If I was a Liverpool fan I would be delighted he's signed a new contract as there is a good chance of CL next season, but I would have expected him there until the end of the season anyway. I wouldn't expect to see him there next season though. That's not that it couldn't happen, just that I think the new contract is a way for both sides to avoid a repeat of the summer. Liverpool can now guarantee top dollar (and a slim chance they may just keep him), while he has a clear exit path (which top clubs can afford).
If Liverpool get CL and £50 to £80 million for suarez on top of whatever the transfer budget was already, they may well force their way back into the top 4 as a regular.
All that said, I could be barking up the wrong tree. Maybe he does feel the love, maybe he wants to bask in the glory of being the giant fish in the big(enough) pond?
* That's a lie, I love being cynical.