It really sucks that so many people got laid off. As someone currently striving against the odds to find a job I highly sympathise, and wish them the best of luck finding something else.
That said, from a purely consumer point of view I'm actually more excited about this. MMOs have never been my thing, and it's very tempting to think that if the game is released as a single player experience then the writing and storytelling will almost certainly be a lot better and more involving, without the crutch of 'oh it's an mmo, it's not about that' that previous incarnations of this idea may or may not have leaned on....