When will the next version of WAS be available? When will WAS support Java EE 5?
I can't say definitively, but Dr. Dobb's has some commentary on when the major application server vendors plan to release Java EE 5 versions: "App Server Powers Race To Embed Java EE 5 Support."
The article quotes Mark Heid, one of IBM's Directors of the WAS product, on plans for the next major WAS release. The article also talks about the WebSphere Software Early Programs for adding new features to WAS before the next major release is available, including plans for a feature pack for EJB 3.0.