According to Google's announcement, current Jaiku members are still able to use the service but Google is now focused on expanding the technology behind Jaiku to make it more useful and compelling. The focus is probably going to be on mobile technology.
Interestingly enough, that's exactly what DigitalPoint Forums members think will be the case -- since Google has just announced AdSense for mobile, this is a natural progression. Jaiku will likely have a heavy mobile presence and Google will capitalize upon it.
By the way, Google stock is at $615 as of this writing. ;)
Forum discussion continues at DigitalPoint Forums.