It will be out when the upgrade is ready. It may be when your update manager
tells you that the new version is ready. All so the mail unbuntu web site will
give details on how to upgrade your system. They do it differently every time it
seems. The main one is when the new LTS version comes out for people who still
run LTS 6.06 Drapper. I wait for about 2 weeks after the new version comes out.
There has been bugs every time. Some minor to major.

I think i updated form 7.04 to 7.10 using the following command

System -> administration -> upgrade manager
First you need to update your system and then you need to upgrade

So the upgrade path can be whatever... One would hope that over time the
upgrade would be easier.

Good advice on waiting a while. So, wait for Hardy Heron LTS?