From some comments I'm sensing a bit of "Concorde" about this...i.e. Popular with many who fly on it, a one off and therefore an icon....so it must not "die"......but arguing about fuel flow, cargo ( and never mind the 744, take a look at the 777) and hubs doesn't change the fact that the brains at Airbus, who have serious skin in the game, have looked at projections, don't see any signs of an upturn and so have dropped the production rate ( and there's still talk in the local press of the line closing within 5 years).
Ultimately the bean counters will decide it's future.