Sorry to dissapoint but there will be no Season 8. Season 7 is the final one. Angel, the spin-off from Buffy has also now finished with the show's creator/producer Joss Weadon now busy on Serenity, a film version of his short lived show 'Firefly' he is also rumoured to be directing X-men 3
Smeg_head is right no more Buffy. I think joss was supposed to be making some movies of the week but I don't know because I heard that Chrisma Carpenter and David Boreanez don't want to so who knows!!!