Read the patch notes and wait til the game-breaking bugs are removed. Then, I will start a railroad in the nether to my new 1.8 location. Then, I will play normally and make a base. I'll enjoy all the new features as I come to them.
First i would stop looking at the patch notes, then exit my web browser, then click Minecraft, then update date it ( while twitching with excitement), then generate an amazing looking world, then delete my massive old world, and then explore and set up a base ( near a river if one is close to spawn).
Most likely I'll wait and check the forums to see if there are game breaking bugs first.
1.8 will probably be the biggest and craziest update since Beta 1.2, which in my opinion was larger than the Halloween update.
I'll connect to SMP and try to find new 1.8 areas.
We will first split up. If we find one (rather its a village, river, ruins etc) we'll set a teleport.
If we find a village, we'll build our houses in there, and have a beef party with other villagers :>