Microsoft has listened to the out cry of SQL DBAs everywhere!
New service packs will be released for SQL Server 2008 and SQL Server 2008 R2 extending it’s lifecycle for another 12 months!
I am not sure about you but I for one am happy. That give me more time to plan!
Padre's SQL Resort 
No, I don’t agree – Microsoft could have extended it for at least 4-5 years, every change they make means we have to change our code in our applications …. we’ve also discovered that SQL Server 2005 is not compatible with SQL Server 2008 R2 !!! so we had to create two versions of our code for our customers….not great. Microsoft suck