The community members are discussing at the MEPIS forums that, since Debian will move Wheezy to their archives, support of MEPIS 11 will stop as well. Since MEPIS 12 never left its beta stage, this pretty much means the end of MEPIS as a distro...unless Mr. Woodford surprises the world with a sudden MEPIS release. That is extremely unlikely, of course.
It's sad to see that the distro that brought me to the land of Tux is about to disappear. But I have seen other distros fade and go extinct...distros I loved. Mandriva was one of them. Pardus was another.
The good part is that, even if distros stop being developed, there are always successors and alternatives. MX will continue the path of MEPIS, Mageia has done a great job filling the space that Mandriva once left, and OpenMandriva is also there. Similarly, although it has been a long time without news of Pardus (and this distro is not officially dead), Pisi is making progress slowly but steadily.
Hopefully, these distros will last for long.