Some of us are disappointed, but I don't think anybody's stunned. B&WO never made one bit of sense from a business standpoint, it was just a favor to classic fans almost certainly arranged by Mr. Boden.
Still, I think this does amount to the end of an era. Black and white classics were part of GSN's prime time schedule originally, and unless something pretty dramatic happens, I think it's safe to say we're not ever going to see them on GSN anymore. While there aren't that many members of OUR forum who make a big deal about them, there's a moderately active Yahoo group and an elaborate database at TV Tome both dedicated to WML?, and the folks there will be particularly disappointed.