Yes, and. The next Ubuntu release will be Gutsy Gibbon. It will not be LTS, which means I'm sticking to the "it'll be 8.04" camp. Along with Gutsy Gibbon, it seems we'll be seeing a new edition to the Ubuntu/Kubuntu/Edubuntu/Xubuntu/Fluxbuntu family, and it'll be the Glossy Gnu, 100% Free everything (and therefore suited only to desktop computers--binary firmware for wireless cards won't be there and open ones are illegal). The goal is to have the 7.10 repos open the day Feisty comes out. I'm upgrading that day, if possible. There'll likely be nothing new yet, but I like seeing all the new things right away, and I don't care if X breaks (not that it ever does when you use Intel graphics).
Also, the Gutsy UDS is less than a month away, though for me it's quite far (Sevilla, Spain). The good news for all of us long-distance people? The conference will be VOIP-ified so we all have a chance to participate. If you have any ideas you'd really like to see get into the next release, make a page for it on the Ubuntu Wiki (Spec), in Launchpad (Blueprint), and then, if you can attend the UDS either online or in person, mark it for UDS discussion