The Ubuntu Technical Board has approved the proposal of adding more variant to the LTS release on next release (12.04). Those variants includes Kubuntu, Edubuntu, and Xubuntu. The new LTS support will last for five years for both desktop and server, enabling organizations to have longer support on their workstations.
The release schedule for Precise Pangolin has been written on their Wiki pages and people still have high expectation on this release because it's a LTS release and Canonical has a tradition to bring alot of improvements on each release of Ubuntu. Meanwhile, they also have a track record of introducing technologies that are not yet ready for prime time or confuses their users. Let's hope Canonical will not commit the same mistakes again for this LTS release.