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1.) Are the Lizardmen army going to get a new update anytime soon (8th edition book?)
Probably not. We have the best mages in the game (ticking the magic box), our infantry and army style is well-suited to tanking damage and grinding enemies to paste (ticking the 'horde of dudes' box), and the vast majority of our army is plastic (thus new models for most things not required). We still do just fine in the current edition, other armies badly need an update ahead of us.
In this edition? Yes sadly. Cavalry of all stripes have taken a hit from the trend towards 'horde of guys' just static combat rezing everything to death. Ours is compounded by paying through the nose for 'Fear' (which is less effective than before) and high armor saves (retarded, as comparable cavalry are cheaper and better), whilst being slow in combat (a deathwish in 8th, where Initiative is king) and being subject to 'Stupidity'.
As others have mentioned, they still work as a suicide disruption unit for breaking Steadfast or hunting warmachines (they are one of our fastest units after all), but I'd honestly take Camo Skinks or Terradons for warmachine hunting instead.
Life is boring to play, it has only one offensive spell, and if 'Throne' is not successfully cast and kept up (because you can bet anything people will dispel it first), all your other spells are half as effective (roughly).
Light solves our abysmal Initiative problem, it provides anti-warmachine and shooty defence (fantastic for a combat army like ours), and it can even trap deadly Deathstars until we can deal with them ('Net'). It's also great for mowing down Undead and Daemons, which is never a bad thing.
4.) What is the best kitfor a LifeSlann and the best kit for aLight slann?
The general rule of thumb is, Cupped Hands on any Slann that isn't Life. After that, I'd take just two Disciplines, you generally won't have the points for three or more. The two most pertinent in standard games are 'Rumination' and 'Mystery'. All seven spells from the Lore, free power dice with every cast, you're a god at magic. I'd also always make him BSB and General, he's extremely resiliant and well-defended in his TG bunker, which frees up your Old-Blood and/or Scar-Vets to be pure offensive (ie teleporting them into warmachines with 'Steed of Shadows').
If you have two Slann, I'd take the BSB and General combo on the more defensive Lore ie I run Shadow and Light, so my BSB and General is the Light Slann defensivly buffing with 'Pha's Protection' and so on, whilst the Shadow Slann is free to get closer to the enemy to unleash 'Pit'.
5.) If you give your slann a magic banner (set him as your bsb) can you also give your templeguard a magic banner? If so what are some of the best combos?
With a Ld9 Slann leading the unit, and most other units are Cold-Blooded anyway, the +1 Leadership banner is kinda uneccessary. I'd go for the Eternal Flame, it's cheap and flaming attacks make everyone cry. For the Temple Guard (who can afford to splash out on their Banner, being Special), I'd take Razor Standard. Any attached characters will benefit from it as well, and cavalry will simply refuse to engage you (-3 to armour saves, flaming causes Panic etc).
