The AMD FX-8 will be released probably before Christmas, however it has been delayed several times in the past, and was scheduled for release in a few days time.
It was designed to compete with SandyBridge-E which is rumoured to be released later on, but this is only a rumour.
Intel's Ivy bridge is supposed to dominate the FX-8 and will replace the Core iX series of Intel processors, AMDs response will be their Komodo chip, a totaly new socket from AM3+ and will be pinless like Intel, Ivy
should be released early next year (Hopefully

).
So far, AMDs FX-8 does hold the record but to reach 4.8Ghz required one of the best Antec water coolers, so in everyday use, 8.42Ghz probably wont be an option, unless you have some spare Liquid Nitrogen of course.
Just some info on it:
http://www.youtube.com/watch?v=5-qJAhzJjdk...player_embedded