Fresh Guild Wars announced on The Inquirer has word on plans for the next Guild Wars expansion as well as Guild Wars 2 (thanks Guild Wars Slovenija), though that the information only appears on this occasionally rumor-oriented site has to bring its accuracy into question. According to their update, the expansion will be called Eye of the North, and its Q3 2007 release will offer new items and areas specifically geared towards high-level characters. They also state this will be the last expansion for ArenaNet's MMORPG before the release of Guild Wars 2 in 2009-2010. Here's a bit:

Eye of the North brings a conclusion what happened in Tyria after Guild Wars: Prophecies ended, and as such - is 100% oriented towards games with characters of maximum level. We know GW gamers want the numbers, so here they are: 18 new multi-level dungeons, 40 new armour sets, 10 new Heroes and massive 150 new skills, out of which 50 belong only to PvE (Player versus Enviroment).

Enter the end of Guild Wars 1 and beginning of Guild Wars 2...

On the other hand, there are Guild Wars 2. This is a full sequel and will be released in 2009-10 timeframe, with a public beta being released sometime next year. This game will be set several hundred years after GW: Prophecies and Eye of the North, but the main drool factor will be zone-wide events (read, open war in DaoC and Alterac Valley style), combined with refined control system, oriented for action and ease of use. Playable races include Humans, Charr, Norns, Asurians and Sylvarians. Level cap is set, but it is not known at the time, while characters will now progress through the game in a more sensitive way.

The graphics engine will be brought up to date with latest graphics developments in 2009-10, so you can expect a game engine which will offer unrivalled graphics features in world of MMOs.