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Any idea when SV8 will actually be released?
They say it is "right around the corner". How that gets translated into days or weeks is anybody's guess.
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Is the only new feature additional tagging possibilities? Right now, it's just got ID3V1.1, since V2 doesn't work too well w/ MPC?
I think SV 8 will have some kind of automatic replaygain functionality. It seems SV 8 will decrease the average bitrate for some kinds of encoded music but supposedly there won't be any large step up in quality since the encoder is basically fully realized already. MusePack needs help from a usability standpoint - not really a quality one - and most future releases will probably focus on this.
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Also, what kind of average bit rates should I expect with extreme and insane?
Extreme - 190-205kbps
Insane - 235-260kbps
It actually doesn't fluctuate too much, unlike LAME VBR.
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Is there really no hope of seeing portable MPC players?
Can't say yet but it likely won't be the first "next generation" format to get the portable player treatment. Ogg Vorbis seems to the benefactor in that regard. However, if you encode your WAVs with MusePack's --insane switch, you could transcode to whatever the future portable format of choice is and not lose much quality since --insane is already so transparent...and in the meantime have your music encoded in the best lossy format current available.