Damn, its already going on 2 years since the last Photokina? For some reason I thought thelast one was last year (making the next one in 2007).
The D70s didn't come out too long ago - I don't know about an update just yet. I do see room for another low-end offering under the 70s though. And perhaps something between the 70s and D200.
Canon's approach is to just release a few hundred models per year and just beat everyone with confusion.

I think I'll pick up an SD700 or similar this summer though. And I'm still keeping my fingers crossed Nikon does something new with the D200 later this year when I'm in the market for it - maybe an X upgrade (D200X sounds nice).
Bruno