It will be announced at the very latest in the next year though I'm guessing a next Christmas release.

 that will never happen!!!!!!!!!!!

E3 could bring us lot of surprise.

when is E3

Let's take a look at Nintendo's handheld legacy.

Gameboy 1989
GBPocket 1996
GBColor 1998
GBAdvance 2001
GBASP 2003
NDS 2004
GB Micro 2005
NDS Light 2006

Do you see a general pattern here? Nintendo will put out either a redesign or a completely newer upgraded better handheld every 2-3 years. Longest time without doing so was on the original gameboy. Since then they have realized the potential revenue from doing so.

Expect another redesign of the DS in 2008. Since Micro never really took off and GBA has since nearly died, I also think that by 2010 we will see another major Nintendo handheld device. Similar to how the GBC was replaced by GBA, the DS that is redesigned this year will be replaced in 2010 by a completely different model.

Estimated abilities:
GB GBC ~ NES
GBA ~ SNES
DS: SNES N64 (Funny, I remember reading a technical discussion on N64 in Nintendo Power, I think, when it was first released. They commented on how empty the case actually was and how simple it would be to make this into a hand held.)
Next: N64 GC

Kinda interesting how Nintendo really waits to push their handhelds to do what their consoles did years prior. Yet Sony jumped in immediately and pushed the PSP to near PS2 levels. Shows how the handheld market really works and how Sony and other past Nintendo rivals have failed respectively in that market.

When Soriku stops posting here and GirlGamerElite stops posting sexy kitten pictures.

Release information I don't know.

But I think the DS have at least 3-4 more years.
Because it print's money, nintendo doesn't need to release a new one any time soon.

E3 2010. Trust me, I'm a psychic! No, really, I think that's when it'll be showcased for the first time. And maybe it'll hit shelves sometime in early 2012.
One thing's for sure; it's a'commin...

when the DS is still the most dominate selling console right now( maybe even history)