The future of Stack Overflow is highly intertwingled with Stack Exchange 2.0. We want to transfer some of the "smart users who will answer anything!" community around Stack Overflow, Server Fault, and Super User to Stack Exchange 2.0. Let's figure out what sites we as a community want to exist, and make them happen -- together.
I recorded a podcast with Scott Hanselman where I elaborate at some length on the mission of Stack Exchange 2.0. If you had misgivings or concerns about the plan as previously described, I encourage you to give this podcast a listen and see if it helps clarify what it is we're trying to do together.
If nothing else, listen to this podcast to hear this sentence spoken aloud by Scott:
Let's say you had another Jon Skeet. A bow and arrow using, moustached Jon Skeet.
Indeed. We should all be so lucky.
Hanselminutes #211: Jeff Atwood on the Future of Stack Overflow