Advantages of WPF

Hi Ranjit,
answer to you question

WPF can be used for any type of application, but it really shines in applications that make extensive use of 3D, video, animations, databinding against XML
Nobody knows for sure, but Windows Forms will definitely be around for a while. Microsoft did not build WPF to replace Windows Forms.
The current version is WPF 3.5 SP1
They're going to introduce new controls (an Office-like Ribbon Control, DataGrid and more), improve performance, and more enhancements. See also: .NET 3.5 Client Product Roadmap.
Yes, I believe so.
kindly accept if it helpful to you

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