Bunker, I've said it before on this forum - SDR 2010 after the next election. It'll happen without a doubt. Hopefully the authors will be sensible and instead of focusing upon purely Afghanistan-type ops (thereby cutting the Type 45s, carriers and most of the RAF) and being thoughtful on emerging threats.
But being blunt about it, UK PLC hasn't got any money in the bank. We can't afford the Armed Forces we need, but it doesn't help having a single service Chiefs' bunfight every time someone mentions cuts.