Canon will announce the 7DII within 30 days of Nikon announcing the D300s successor. And Nikon will announce the D300s successor within 30 days of Canon announcing the 7DII. The only question is which company will jump first.
Until one makes the leap, the other has no real incentive to do so. What Sony, Panasonic, Pentax or others may do is really irrelevant in this segment (although I suspect both are a little nervous about Fuji).
On the one hand, I'm in no hurry. The 7D is a great camera and remains very competitive with other options more than three years after introduction. I'd rather they get it right.
On the other hand, I wants a new toy!
In any event, I expect the 7D II to be an incremental upgrade. Slightly better high ISO performance, maybe a little better dynamic range, perhaps a few more megapixels, marginal improvements in autofocus, weathersealing, frame rate, etc., but I'm not expecting (nor do I really want) something revolutionary. It's already a great camera, so it only needs a few updates to become more great.
In my dream world, I say that Canon and Nikon are delaying their respective releases because the next generation of APS-C sensors are so good that they don't want them on the market until the 6D and D600 have had time to turn a profit. But, that's just daydreaming. I will be perfectly happy with incremental improvements.