I suggest using mcedit to import everything into a 1.8 world when the time comes.
Otherwise you'll have "1.7/1.8 boundries" and they will look very ugly.
Yeah, once the new update is in place on the server, any new chunks will be generated from 1.8's standards. I'm not sure if this would cause us any problems, aside from visually.
If we do have to forgo the current 1.7.3 world in favor of going 1.8 entirely, then I'll oblige. I'll import the schematics again. Note: If it comes to this, I will be placing the schematics that I saved earlier this week. I
will not be saving new ones based upon
this world. (with a few exceptions) It just takes too damn long to find and save the bounding fields, and we have only been active in the current world for a few days. I have already noted which structures that I will be saving from this world.
If you had done a bit of mining and resource gathering (that you can't handle losing), then I suggest keeping it in your inventory. If you have too much (and we're talking valuables here, not something like feathers or saplings), then we'll work out a "supply drop" schematic for you. Those are quick and easy, and don't require me to pull an all-nighter to prepare. :V
Remember that if you update your client before the server gets updated, then you won't be able to join. Since 1.8 and 1.9 will be making significant changes to the gameplay, Stuffman and I will need to work some things out before we consider everything stable again. We'll likely have some down times due to the transition and update, so please understand.
Again, this is all speculation. We'll have to see what Notch
ruins changes once 1.8 is live.