I know the latest Snow Leopard came out last year but when do Apple release the next and how often do they?
The Wikipedia page cited above in vansmith's answer should provide you with the history, but since your question appears directed towards knowing when the NEXT version comes out, the answer is "nobody knows."
If we get to October 2011 and we still don't have what will presumably be called "10.7," the tech bobble-heads will start wagging their tongues wondering what the problem is -- but in point of fact, OS X has been on a HIGHLY accelerated release schedule for a decade now and I would not be surprised if there wasn't a bit of a gap till the next one, though I know for a fact they are already working on it.
My **guess** would be around two years exactly, so at this point now I'd guess Fall 2011, but of course we'll get LOTS of clues if not outright announcements in the year prior to the actual release.
10.7 is likely to be a big upgrade with major changes, since 10.6 wasn't, and thus you can expect that developers will get a public briefing on it well in advance, probably at the Worldwide Developers Conference held each summer. We might hear the first rumblings about 10.7 at that event this year (which looks like it will be held in late June), but I would not be surprised if we don't -- the focus this year is much more on the "iPhone/iPad" version of OS X, so we may hear nothing about "Mac OS X" till WWDC 2011.
Is there much difference between the Leopard and Snow Lep.
Yes, but most of it is rather subtle. There weren't many "big" changes: someone who was used to Leopard would hardly notice most of them. But there's a lot of "under the hood" tuning, more fit-and-finish, along with a few significant changes. The big improvements in my mind was the speed and space savings. I noticed a definite speedup that now makes slowdowns (ie potential trouble) much more noticeable, and of course I got back about 6GB of space (and could have gotten back even more with the help of programs like MonoLingual).