First of all, if you updated to 1.8 and want to get on the server, here's how:
1. Before you click the big play button, look at the bottom left of the launcher, and click edit profile
2. Look for "Use version:" in the bottomish middle of the editor window (where it says use latest version) and click that.
3. Select 1.7.10
4. Click Save Profile, click play, and get on the server!
As for when we are going to update:
As with every update to minecraft, we need bukkit to update before the server can. Bukkit is what allows us to have factions, logblock, all those fun commands you use, VIPs, and colored/tagged names.
On 9/3/2014, bukkit was taken down because of legal action. I'm not exactly sure when it will be back, but for now, there is no time I can even try to guess. Normally, it takes bukkit about a week, maybe 2 to update. But being taken off the internet because of a legal complaint has never happened, so I'm not sure.
I'll keep you all updated.
Have fun and see you on the server!