Q: Will there be a next version of Windows Home Server?
A: No. Windows Home Server has seen its greatest success in small office/home office (SOHO) environments and among the technology enthusiast community. For this reason, Microsoft is combining the features that were previously only found in Windows Home Server, such as support for DLNA-compliant devices and media streaming, into Windows Server 2012 Essentials and focusing our efforts into making Windows Server 2012 Essentials the ideal first server operating system for both small business and home use—offering an intuitive administration experience, elastic and resilient storage features with Storage Spaces, and robust data protection for the server and client computers.
Now that drive spaces is part of Windows 8, the biggest feature of WHS is built in and since WHS never had media center functionality it always seemed like it was half of what it could be. With Skydrive, Drive Spaces, Media Center and full HomeGroup support WHS isn't of much use and a waste of resources for MS.