I don't much go for the whole "lets drink and pretend we're vikings" branch of folk metal, just a bunch of thrash metal fans trying to act diverse. Real folk metal (old Borknagar, old Ulver, Falkenbach, Drudkh, In the Woods, etc) is where the party's at. However I do admit that stuff like Korpiklaani can be real fun if you're in the mood, what with all those happy pixie melodies. Such quaint vigour.
Back on topic: Ideally the next Kat cd would come out in 09 sometime, maybe mid/early, perhaps later if they'll be touring later in 08. The most important thing is that they should take as long as they think is necessary, and if thats 1 or 2 years then so be it but at least you can be sure that the end result will be more than satisfactory if not just totally excellent.