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He said this in response to a question about Windows Vista. Gates, reportedly said: "Sometime in the next year or so we will have a new version." Referring to Windows 7, the code name for the next full release of Windows client software, Gates said: "I'm super-enthused about what it will do in lots of ways."
Here's an update:
Less than 24 hours after the announcement, a Microsoft representative told CNET News.com that the company expects to ship the successor to Vista roughly three years from Vista's January 2007 debut.
Unclear is whether Gates was referring to early testing of Windows 7 coming within the year, as opposed to a widespread release or debut. An early test geared toward developers would be conceivable. The company has repeatedly said that it will accelerate the development of new Windows versions, largely as a response to Vista's roughly five year gestation period.
News source: Cnet