I think we are getting a new updated brands hatch with the "Race On" expansion, as well as updates to many other tracks. I'm sure they'll just put them in alongside as "Brands Hatch '08" and so on.
As for this new project, since Simbin has stated they want to make a multiplatform title as the next big thing, yet this "Jakob" project is PC only, I would say it's almost definitely yet another Race 07 expansion. I much like the expansions though so no complaining for me.
My biggest wish is that they could somehow make a hardcore engine update and some more material as their next major title. I'd hate to lose out on all the great content we have already. Just rehaul and update the cars, tracks, renderer, sound engine, physics engine etc, keep all the great content.