In the next 24 hours, KDE 4.9.1 will be announced and bringing a monthly update which should bring their users towards a stable, mature desktop environments. KDE plans to release 4 minor updates for KDE 4.9.x branch which will be maintained until December 2012. It's all documented in their release schedule.
KDE team will continue to work on future KDE released, marked as KDE 4.10 which has it's own release schedule. It is scheduled to be released on January, 23 2013 and will be maintained until June 2013.
Meanwhile there aren't any news about KDE 5 yet. QT 5, which will be the base for KDE 5 are now in Beta version, hopefully they will release the final version soon, so that KDE team can start focusing on planning KDE 5.