I thought I heard sometime in the 4th quarter. Closer to the end of the year, I could be wrong.
3.0 should be scheduled for Q4.
It's too bad though that vmware doesn't release more information on their upcoming releases. It would make infrastructure and budget planning a bit more easy.
3.0 should have among features dynamic load balancing using vmotion to move vm's around in a ESX farm and the ability to start a vm on another host in the event that a host becomes unavailable.
But until vmware releases more info it is of course just rumours.
For what I know 2.5.2 is going to be released in October then 3.0 at very end of year or Q1 2006
Until VMware releases an official statement anything you hear here is strictly rumor. While it does cause problems for some to have VMware be close-mouthed about future release dates, it's better than going out and buying a bunch of (for example) dual core systems to support a project that HAS to start in September based on a projected August availability date - and then have the date slip.
It's better to make your plans based on current availability and features (wouldn't want to deploy new features without testing anyway, would you?) and then be surprised when something happens sooner than "expected".