2) My understanding is that Evolution is a continuous process resulting in extinction of existing species and dedvelopment of new species. According to this, what will man become? Will he evolve into a new species? or he will become extinct?
What man will become depends on a large number of possible events.
We have a very large, interbreeding population with only, right now, limited selective pressures (that we can see) on it. This slows down the rate of evolutionary change.
However, even under these conditions change is going on. In (say) 20 or 30,000 generations the human gene pool of the time will be different from todays. With the large population the differences may not preclude interbreeding between one of that population and one from todays. However, there is still a chance that those small changes that we wouldn't be able to see from generation to generation (obviously) or even from a generation now to a generation 50,000 years from now might over a few 100,000 years add up to enough difference that an individual from that far future would not be able to (or perhaps just would not
want to) breed with an individual from today. If that occurs then there will be a new species and, by definition, H. sapiens will be extinct.
If it doesn't occur in 2 or 3 hundred thousand years then it will almost certainly occur in 2 or 3 million (unless there are very, very specific selective pressures that keep coaxing the population back to a gene pool a lot like todays).
Myself I think it is much, much more likely that the selective pressures will undergo a very large change and that the species will change much more rapidly or (more likely) go extinct within only 100's of years.
Edited by NosyNed, : spelling