Craftbukkit will not be updated. The Bukkit project is shutting down.
http://forums.bukkit.org/threads/bukkit-its-time-to-say.305106/ (http://forums.bukkit.org/threads/bukkit-its-time-to-say.305106/)
Troubling times. Microsoft is said to be in the talks of buying Mojang for 2 billion dollars. If Microsoft does buy mojang it is rumored that Notch will step down.
Mojang owns Bukkit, it's not shutting down. Dinnerbone is going to be updating it to 1.8 himself.
Althought Microsoft May own mojang in the near future, and there is no 100% certainty that dinnerbone will finish it anytime soon