Some players have asked if Project907 will close. No...unless it becomes illegal to run a server.. Even then I will fight :)
MC server will run 1.7.10 as is until new API, similar to CraftBukkit will surface. I'm following Sponge project and I hope that will be the next platform for Project907. There is many alternatives available but reason I like Sponge is there are former Bukkit developers who have already joined the new team. For example, developers of Worldedit and Worldguard.
Vanilla server will be updated when new versions coming out. Right now server is running 1.8 and we have Teleporters, Tool Kits and Building Supply Hut in the Spawn area. Come in and play.