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HIPS 8.0 is tentatively scheduled to release in Q4 2010.
The HIPS 7.0.5 extension release notes described what fixes and features were added. The HIPS 8.0 features will be posted when the product and it's documentation are released.
Also, HIPS 8.0 is in beta now. If you are interested in trying it out, please contact your McAfee rep.