For MorphOS next version should come togerher with Pegasos 2 machines. There is need for new drivers and IMHO it's high time to get updates anyhow. So, assuming it happens as been told to us. Deliveries should be at week starting with 15th December (yes.. This year..).
For Amiga OS4 last I have heard is that they are trying to make Aone-Beta and deliver it to A-one owners before X-mas. I have no idea if it'll be possible or how finished OS4 is by that time.. At least last time I heard they still had part of OS4 on 68K code and runnin on static emulator.
For applications.. well.. it's hard to make applications without Client Base.... So one can't not expect miracles anytime soon. Of Graphics tools at least ImageFX and FXPaint are Native to MorphOS, there aren't many others that are still under commercial development.
Of Web browsers there is work going on making Ibrowse 3 and Mozilla firebird... I have no idea thugh if/when those appear for users.
For office suite.. There has been work porting Papyrys Office to MorphOS and it's been demoed on some events.. I have no idea if there is any movement on OS4 side for something similar. For some work Pagestream DTP (PPC native versions coming) may well be suitable alternative.
Fun. Well. at least Pegasos 1 is resreshingly fast way to use those familiar apps. It's nice, fanless design that is comfortable alternative to these noise-making PC:s.. There are couple good games for MorphOS (like Knights & merchants) and there should be releases of two more in couple months (Northland + Divine Divinity)... It ain't lot, but it's still some progress.