Two team leaders in my workplace have arrived from TechEd Developers in Barcelona last week. They told me that Microsoft announce that the next release of Visual studio 2008 (aka "Orcas") and .Net framework 3.5 will take place at the end of this month! (The original release date was at February 2008).
You can see this announce in the visual studio developer center main page:
"Countdown to Visual Studio 2008
In his keynote address at TechEd Developers in Barcelona, S. "Soma" Somasegar announced that Microsoft will release Visual Studio 2008 and the .NET Framework 3.5 by the end of November 2007. This release will enable developers and development organizations to be more productive, take advantage of all the latest platform advances on Windows, Office and the Web, and collaborate more effectively throughout the software life cycle"
It's really great that they will release it before the origin time!
b.t.w
The Visual Studio Team System Code Name "Rosario" will release separately, but following the Orcas release. You can find here more details about future releases and Microsoft development product description