doing the split doesn't even necesarily mean that 7.7 needs to move to 7.8, it could stay 7.7 until it's ready for release, but given pikes tradition that not every x.y.z is a release i guess it would also be fine if 7.8.0 is an alpha and the real release is 7.8.9 or some other value of z.
Sure, the release is unlikely to be called 7.8.0. That is not holding of a split. I'll be talking to grubba and marcus about it later today.
grubba wants to hold off the split until the crash in the test suite on some machines is fixed in case array.c or some other suspect needs major surgery. That's also the reason for turning on excessive verbosity on the Xenofarm verification logs yesterday.