Pokemon Bank will still continue to work, but who knows how long that will last.

It's devastating news for Pokemon fans looking to legitimately collect every Pokemon. You essentially need online functionality to obtain every Vivillon form in X/Y. Lack of Friend Safaris is also a devastating blow to anyone trying to complete the Pokedex without importing Pokemon from other games. I

'm going to miss Wonder Trading. That's how Gen 6 became my most played generation.

As long as the forums are easily searchable then this is a good move. It looks like the subreddit is in read-only mode so we haven't lost any knowledge yet. That data should be preserved elsewhere, just in case the subreddit becomes unviewable.