Dash Shaw reports that his next graphic novel will be out early next year from Fantagraphics:

The Bottomless Belly Button / 720 pages / Fantagraphics Books / Spring 2008
Synopsis: A comedy/mystery about the fictional Loony family. Visit the links below for more story information. I started this book when I graduated The School of Visual Arts in 2005. It is my first post-graduation work and my first character-driven story. This book is done and I originally thought it would come out later 2007 but, last I heard, it is now scheduled for Spring 2008.

Sample pages here. It was very hard to pick just one.