@DeathByVisualStudio: What I am saying is that they will always have the web interfaces. The applications as part of the Essential suite should continue to work but I doubt that they will update them from this point on.
I am sure they won't make any effort to move people away from the Essential suite but it will probably gather dust rather quick.
@brian.shapiro: My guess is that they will switch to a more generic label. So instead of calendar.live.com it may go to something like calendar.microsoft.com. It will probably just be branded as Microsoft Calendar.