I can't say anything about the status of UO. You need to ask the UO team. As for U4E it's a completely different game and the indications are they will keep both going as long as they are able to. U4E may appeal to some UO fans, but it was not designed with UO players in mind. They are not going to shut down UO and expect UO players to switch.
This is not true. U4E has been in development since early 2010. If the UO team were only allowed to have artists occasionally then High Seas, theme packs, all of the vet rewards and holiday gifts, and over two years of events would not have happened.