Now I can actually answer that question "Yeah, but when will it ship?" with 100% confidence!
"Today, during the keynote address at Microsoft TechEd Developers 2007, S. "Soma" Somasegar, corporate vice president of the Developer Division at Microsoft Corp., announced that Microsoft will release Visual Studio 2008 and the .NET Framework 3.5 by the end of November 2007." See the article here.
And just in time for the busy Holiday Shopping season. C'Mon, who wouldn't love a shiny new copy of Visual Studio 2008 in their stocking? .NET Framework 3.5, VS 2008, all kinds of cool new features for TFS and VSTS... heck yeah!