Mark Shuttleworth has announced the new version to UbuCon at the Atlanta Linux Fest. Here is the Youtube video:
In the video the code name for Ubuntu 10.04 is revealed: “Lucid Lynx”. This will be a LTS release.The main points to consider are, “Lucid Lynx” will focus on GNOME 2 rather than GNOME 3, which will be adopted in subsequent releases. The server edition will focus on cloud computing and support for large scale web infrastructure.
Ubuntu 10.04 will be released in April 2010.
Here is the Wikepedia article for Lynx.
This is how a Lynx looks: