The iOS 8 has already been released and it has posed quite a dilemma for the jailbreakers. However team Pangu has taken up the challenge and they have promised that jailbreak for iOS8 is already ready (almost).
Folks at team Pangu also cracked the iOS7.1.1 successfully. Of course no concrete date has been given by team Pangu but at least one of the most talented jailbreak teams are already working on it.
However like you, we too believe that with iOS 8 there are less reasons to jailbreak. My friend used to jailbreak just to use some non-Apple keyboard but now that iOS8 allows users to use third party keyboard, he would not be jailbreaking his iPhone.
Here is a translated message from their website:
[Reminder] Just 1 day before iOS 8 official release, guess that devices except iPhone 4 can’t be restored with 7.1.2 firmware. If you want to jailbreak please grab the last moment. For iOS 8, we are already on the way.