SUOrangeman,
Red Hat is pretty reliable/sensible when it comes to their versioning scheme. They reserve .0 releases for major architectural changes (cynics would say for their worst releases).
Anyway, Red Hat 8.0 will be the first GCC 3.2 hosted release, assuming GCC standardizes on 3.2.x . That alone is a monster change. GNOME2 will also be a substantial new addition, along with the standard version updates we're all accustomed to.
FWIW, each of the big three, RH, Mandrake and SuSE are prepping their first GCC 3.x based releases. This is quite a huge effort, and most likely will result in a longer release cycle (I almost assure you the first one to market will not have the best release).