I wouldn't be heart broken about it honestly at this point. The main thrill of it, in my personal opinion, is gone, as the big gasp of it all was the "dueling" concept. Then when they decided to use it for Harry Potter I was disappointed as all they really done was add banners for the champions outside, displayed the Ford Angelia (which has no relation to the concept), and put the Goblet of Fire on display. Also, it's more of a hassle to get onto the ride more than a breeze as well, since now all users are required to store their belongings, when their locker count is nowhere near the capacity as the other rides that have the same requirement since it's an older ride who's never had a huge refurb.
I have a feeling if any ride was to go, it would be Dragon Challenge, as some peak days it might get a decent wait, but more times it's a low wait time compared to others, especially Flight of the Hippogriff (which is another reused ride), which usually has a very length wait time and is popular enough to be an addition to the Hollywood WWOHP.
The rumors have been swirling long enough to make me think that if it isn't happening, I know it's at least been heavily considered. With this much chatter, I can't imagine them ever not considering replacing it. I have a feeling eventually, whether now, or much later, it's going to happen.
