That's like saying "make no more hack&slash 'cause there is Diablo II", "make no more RTS 'cause there is StarCraft 2", make no more RPG 'cause there is BioWare", "make no more freeform games 'cause there is Bethesda", "make no more FPS 'cause there is MW2" etc. etc. etc.
And is UO (Ultima Online for those of you who are post-WoW) not still running as well?
I know there are some free realms still around. I think it still is though. EA has proven to be pretty bad at managing MMO's, I'm sure they hope TOR will reverse their fortune.