I voted that we may save it. I'm not 100 positive on that matter, but with the press it's receiving, Disney may decide to keep it open for the time being.
The problem I forsee is that Disney won't devote much resources to VMK, so, apart from the moderators, things will remain static. There won't be any new rooms, or magic, or quests. Then after a year or so, Disney will pull the plug, again, saying it was because of dwindeling interest.
Of course, if it stays open for any period of time, Disney can review it's pay to play options, and migrate to that.