It looks like Microsoft is planning for IE7 Beta 3 to be released in the middle of August. This release is currently what the IE developers are working on and it will include several bug fixes. The article by HotFix made one interesting point that really caught my attention:
One fix going in Beta 3 will be will be to revert back to an IE6 behavior when using PHP pages. One IE7 tester noted that “when it comes to compare the code in the session variable and the code in the post data, they’re different.” Eric Lawrence of Microsoft responded with “for compatibility reasons, we’re going to revert to IE6 behavior for IE7 Beta 3 to prevent this exact issue” on the subject. In the past few weeks Microsoft has made a few references to IE7 Beta 3 on their IE Blogs about bug fixes and releases.
So the next Beta of IE7 will be taking on some IE6 characteristics. Sounds to me like Microsoft likes rolling things back after they have changed them.
Talks of Internet Explorer 8 are supposedly in the works and IE8 is expected to be released one-year after IE7 gets released (IE7 is expected to be released at the end of 2006). Internet Explorer 8 is reported to have some enhanced networking and better rendering features.
News Source: HotFix