Kristian Lyngstol has announced on the Compiz mailing list that version 0.8 of Compiz has been branched. Compiz 0.8 has been branched in its git repository so that new (unstable) work can flow into the master branch while eventually there will be the Compiz 0.8.0 release.
Compiz 0.8 will feature a variety of bug fixes (including memory leak fixes), l10n updates, window decorator changes, optimizations, rendering improvements, code clean-ups, and translation updates.
At the moment there are about 180 new bugs between the two BugZilla systems used by the Compiz project. Once the relevant bugs have been addressed, Compiz 0.8.0 should be tagged. While Compiz has been branched, the code for Compiz Fusion 0.8 hasn't yet been branched and is still living in master.