In answer to your questions:
1) This summer is the time one would normally expect 9th Edition Fantasy, but
40k is actually being redone this summer instead, and the new Fantasy edition is, for now, being shelved. If you're concerned, put it off until, say, July or the new
40k release (whichever comes first) at which point it'd be safe to say a new edition is a while away. Even so, though, if you're just playing at home, there's no reason to say you can't continue to use an outdated edition.
2) It's not great, to be honest, especially not for HE. If you like the Skaven and/or HE armies, then it may be worth it, but don't pick it up and play the armies for the sake of it being a starter box, because it isn't a great one from that point of view. The models are lovely, they're just mostly the wrong ones to get you started.
3) It should be, yes, but note that
WHFB doesn't play very well at such small points levels. 2000-3000 is the normal points value, but anywhere from 1500+ is a decent game. Don't let this put you off though, as some armies are pretty cheap. You can quite easily build a 2000pt Ogre army with two Battalions and a bit of conversion.
4) Of those three armies, only Ogres I would recommend for a beginner. Bretonnia are a hard army to use and Skaven are complicated with a huge
FAQ that is now no longer accessible on the
GW website required to play them, as well as the fact you need lots of models and money. Both are also due for an update soon-ish. Lizardmen and Empire are, however, both good starter armies. However, it does leave you, from the 3-player point of view, the logistical problem that you have no baddie. I'd consider sticking with Ogres and Empire, but perhaps look into Dark Elves or
WoC as your third, "baddie" army. Dark Elves would probably be better, as they play differently to the other two,
WoC and Ogres are somewhat similar.
----------------------
As some further advice, I would genuinely take a look at
LotR/Hobbit. The main problem with this game is its lack of playerbase, but, playing as a family, you really don't care about that. It's not a flawless game, but it plays well and is incredibly easy to learn, with a lot of extra tactics to think about when you get more advanced. The armies are a lot smaller and cheaper, and are easily found on eBay for great prices, and you don't need anywhere near as many models to get a decent sized game. My 500pt Rohan army of about two dozen models plays very nicely indeed (though it tends to fall apart as soon as it sees a Monster), yet that number of models is a mere unit in
WHFB.
LotR also plays pretty well as a straight up three-way brawl. Triumph and Treachery does this very nicely for
WHFB, but that's another £50.
If you're going to be playing mostly as a family and are looking for a cheap, easy game with varied, even armies, then I seriously think
LotR is a better bet, providing you do all enjoy the
LotR world (seriously, that's a good point,
LotR is far less interesting as a wargame if you're not into the books/films). If you yourself are looking to game elsewhere, then it's probably cheaper to get three 500pt
LotR armies (for family play) and a 2000-2500 point
WHFB (for external gaming nights for yourself) than it is to get three full sized
WHFB armies. That also allows you to be completely free in your choice of
WHFB army.
Anyway, I hope this all helps! If you have any more questions, feel free to ask!