Aashish,
Microsoft demonstrated some of the features of VFP 7 at the past DevCon. There is very little known about the release time or the details of the feature set.
My famous quote is very relevant here, "Those who say don't know, and those who know can't say." Anyone who has any information about VFP 7 beyond what was shown at DevCon is under non-disclosure with Microsoft adn therefore cannot provide the information that they know. Anyone who spouts information about VFP7 beyiond what was shown is either in violation of their non-disclosure or they really don't know anything and are just guessing.