Not a bad board. Has PCI-E. And you got a good psu, you can throw in a HD4850 and see the games fly. The cpu is 1.9Ghz dualie, which is fine for most games. Try out the new gpu and see if you need more cpu power.
No, AMD won't be releasing any new AM2 cpus, but they're going to release new AM2+ cpu. The new Phenoms. To be honest, you should just pick up a HD4850 & save up for AM3 which is out at the end of year.