BeOS Release 5 is currently scheduled to be completed and shipped in the middle of 1999. Of course, you (and we) know the realities of the software industry, and that timeframe is our current best estimate, not a commitment.
As for the features of Release 5, you can read what our VP of Engineering, Steve Sakoman, had to say about it at our March 1998 Developers Conference, at:
(Steve's comments are midway through the transcript -- search for "Release 4" in your browser window.)
Again, this list of features demonstrates what we were thinking at the time, and the list will evolve over time. The features listed are in no way a commitment by Be to provide those features, in R5 or any future BeOS release.