Just learning about Netrunner and have read up on this rotation thing. Understand it's for tournaments and doesn't affect casual play. My question is will FFG still keep the first two cycles in print or do I need to do a mad dash buying quest before those cycles are out of print?

TL;DR--don't mad dash right now. Either you won't really have to buy them, or you can get them cheaper "Used."

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In my experience, casual play almost always mirrors tournament legality, just because tournament rules are there to keep the game as healthy as possible. There's no indication of any official support for any kind of "Legacy" format and I'd be surprised if they did one.

As for Genesis and Spin Cycle, I would bet any amount of money they will go out of print. But I can't in good conscience recommend you go on a buying spree--rumors persist that a Core Set 2.0 is going to be released and without going into too much detail: "signs point to yes ." The assumption is that it will be comprised of a mix of Core 1.0 and Genesis/Spin cycle cards. If that's the case, then as a new player buying into the game, you run the risk of your mad dash product being a lot less valuable, because a goodly chunk of it would be reprinted in 2.0.

If you're interested in the game, I would just make friends with existing players and borrow decks for the next month, month-and-a-half because (again without going into too much detail) there should be more information coming out soon.

If it is the case that Core 2.0 is actually a thing, I would just let Genesis/Spin sail off into the sunset and jump into the game with Core 2.0 onward. Like I said, you probably won't miss those cards for casual play. If it turns out Core 2.0 is just wishful thinking, you can probably buy Genesis/Spin cards off of someone who doesn't have any further use for them once they rotate.

I think it is best for new players to refrain from buying any of the genesis or spin cycle pack for now unless they "got to have" and are "swimming in money that is burning a hole in their pockets". If you really want cards from those sets just get the championship decks that have all the good corp and runner cards from the soon to be rotated out cycles.

As for rotation I am sure there is a format that the community can come up with that permits cycled out cards in the game besides a typical legacy.

The best one I can come up with is you spend influence to get rotated cards out, you can only get neutral or in faction and each is +1 influence. That way cycled out cards don't become next to useless, don't know how it will work for balance though.