I read about it realier this week in the USA Today. I wondered the same thing too. I use the site to upload my screenies and a few other what nots. Hope the done screw with it.
I guess you can't complain if you use the free service. But I'd be pissed if I paid for an account and it went away :P
I'll miss it if it does go. There are a few other photo UL sites aren't there?