>> Is there something on the horizon for graphics and GPU?

There is the MIAOW open source GPU but it is based on an AMD instruction set, so it's probably not viable for general use.

I believe in the short term the solution will be simply running LLVM-Pipe on a bunch of RISC-V cores for software rendering. The SoCs will just have frame buffer graphics. Another option is to have PCIe support (which HiFive is going to) so you could at least recompile an open source driver for a proprietary video card. I suspect that once RISC-V SoCs are running a full linux distribution with one of these inferior graphics solutions then people will jump in to make better open graphics hardware.