Code is definitely on the way out, but it is hard to pin down a timeframe when the government is involved. All of the estimates I've heard were "some time after the end of 2005". I've already passed my Element 3, so if they remove the Element 1 requirement, I can just apply for my General class.
That said, I'm having fun studying CW and plan on passing the Element 1 test before it goes away. The current CW requirement is easy in comparison to what used to be required.
I thought about upgrading to General (I just got my Tech last June) but I never really got into it the way I thought I would. Then I went and spent all the money I had saved for that nice HF rig on another car to restore. (Yeah, my wife was "thrilled"! ) I don't know. I might still upgrade eventually. I just seem to have way too many other things going. Too many hobbies and not enough time!