Internet Explorer 8 is the name
We can't tell you what IE8 will look like, or what improvements it will have over IE7. All we know is that it's got a name. Apparently the IE developer team has been referring to the next version of Internet Explorer as IE8 for a while, and when Bill Gates recently dropped that name, it kind of sealed the fate.
According to the Internet Explorer blog, some other possible names included IE VIII, IE1000 (eight in binary), IE Desktop Online Web Browser Live Professional Ultimate Edition for the Internet. Honestly, we were a bit surprised they didn't go with the last one, but then we realized that it might have been a joke.