A v8 would be pointless and ruin the Z at the same time. They could just as easily go with a smaller displacement motor and TT set up to get the power needed for the future as well as possibly gain a few mpg which will be needed given all the new government mandates regarding mpg. I mean look at the GTR. A 3.8 TT that puts out over 500hp stock. Why go with a V8?
However, regarding the 370z I see the usual minor exterior tweaks and perhaps small bump in hp for 2012. The 370z is due for it's mid model update and I think we can expect just minor tweaks to the looks and power. I doubt we will see any drastic changes. Expect to see a new front bumper and maybe even wheels. Of course we'll see another silver/grey color from Nissan as that is all they seem to be doing these days. I also see power going to 340-350 for the Z and maybe 360-365 for the Nismo. Aside from that, not much else
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