You can carry forward your deduction room and catch up your contributions in future years. However, you can't catch up on the compounding of your interest. That's gone for good. If you haven't decided what to invest in, don't let anyone rush you into a decision. You'll be better off putting your money into a savings account RRSP, and then moving it later when the RRSP crush has abated.
Many people choose to hold interest-bearing investments in their RRSPs.
If you're one of those people, you may be looking at the current rates with a sad face. The fact is, the real return being generated is pretty good. If you're trying to decide how long to lock your money up, you'll need a crystal ball to make an accurate prediction. Your best bet is to stagger your maturity dates. You'll have some money coming due each year so you can take advantage of increases in rates.