After sticking with the simple blue look Orkut seems to be going in for a major makeover. I have been waiting for a while now [2 hours :)] but nothing new till now.
UPDATE: Finally found a link which shows whats coming up. Its on Google System and should give you some idea of whats coming up.
I thought it would be a MAJOR upgrade, but it seems a very minor cosmetic change. But then again I have still not seen it live so still waiting for it.
UPDATE 1: Some more screenshots on Blogoscoped. Now they seem to be different when posted side by side.