According to a schedule recently posted on the pgsql-hackers list (in message "8.5 release timetable, again"), an alpha will be released around 2010-01-01. This is just probably documentation for REL8_5_ALPHA1_BRANCH.
Any news on replication?
WAL-log shipping was released with Postgres 8.4, so there is now native replication very similar to binary-log shipping. I don't know for sure if it's 100% as good, and what the drawbacks may be to replication through this system, but AFAIK, it's supposed to be pretty much the same thing.