This week's book giveaway is in the OCPJP forum. We're giving away four copies of OCA/OCP Java SE 7 Programmer I & II Study Guide and have Kathy Sierra & Bert Bates on-line! See this thread for details.
I doubt the SCJP 1.7 is going to be released anytime soon. Still, it doesn't really matter. I wouldn't wait on anything like that. I doubt an employer will be like "sure, you got an SCJP... but it's only 1.6"
I don't know whether 1.7 will be released soon or not
but even if it gets released soon, creating questions for that will take much time and then testing questions and finally releasing them will take one year
so why don't you get SCJP 6 certification now and then take the upgrade exam?
SCJP 6 [86%], OCPWCD [84%], OCEJPAD [83%]
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For those who don't want to read the blog, Oracle are apparently hoping that they can release JDK 7 mid 2011, and release JDK 8 late 2012. Their alternative is to release JDK 7 with more features in mid 2012.
Either way, you are not looking at a potential for JDK 7 release for at least 9 months.
After they have released JDK 7, Oracle will have to decide whether the changes are significant enough to warrant a change to the certification. Then they will start preparing the materials, gathering the required experts to devise the questions, then go through the beta testing.
All of which is to say that I would not expect an updated exam for 1.5 years.