Socket T is gonna be replaced within the next 1 and a half to two years (depending on how long it takes Intel to bring Nehalem to market). It will be replaced by one of two possibilities: socket B or socket H. Socket B will be an LGA1366 socket with an integrated memory controller. Socket H will be an LGA715 without the memory controller (I'd guess that the controller will still be on chip, just unused). I'd expect the memory controller to be used in server parts (since they'll also be more expensive to package) and the plain CSI link (Socket H) for desktop/mobile parts.
On the AMD side, we'll have socket AM2+ next year. It will add HT3 support to AM2 and will also have independent power planes (I think). From everything i've heard about it, current AM2 chips will work on it and future AM2+ chips will work on current AM2 motherboards, so you'll get a few new features if you have an AM2+ CPU and an AM2+ motherboard. The independent power planes will increase CPU efficiency but probably not by a significant degree. HT3 is useless in single-socket systems and useful but not earth-shattering in dual-socket systems. AM3 will be coming out in 2008 and its still a bit of an unknown. The main points of AM3 are that it brings DDR3 support and chips that are built on a 45nm process (at least, that's what AMD says). I've heard that AM3 chips will work on AM2/AM2+ motherboards since the same memory controller will be able to drive both DDR2 and DDR3. The opposite, and this I'm sure about, will not be true. AM2/AM2+ chips will only work on AM2/AM2+ motherboards.