Will there be a release 7.4.7 in the future?
Maybe - there have been patches for 7.3 after 7.4 was released. It depends if any serious bugs are found.
When can the production release of 8 be expected?
The official answer is "when it's ready". If I were a betting man, I'd be happy saying before the end of the year, perhaps even the end of November.
If you are just starting to develop a new application, I'd target 8.0beta now.
-- Richard Huxton Archonet Ltd
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