Personally, I say good riddance. They haven't released any good games recently but instead have been resorting to milking the shit out of the Star Wars franchise by producing subpar designed games and atrociously shit storylines. I'm glad they're dead.
Maybe from the ashes a new studio can be formed by the former employees that are creatively free to do what they want.
Yes they did make Grim Fandango, one of my favourite games of all time, but I attribute that one more to Tim Schaefer. Maybe I'm being unfair there. The only games I really like from LucasArts even though they're pretty meh, are the Jedi Knight games. Specifically, Jedi Outcast and Jedi Academy. They're fun and brain dead games. They serve their purpose by allowing you to be a lightsaber wielding and force using bastard.
And I can't believe people were actually excited about the 1313 game. Yeah, I really can't get enough of Gears of Uncharted clones. What a shame. It's strange, people are critical of the new Thief game (which is great) but for some fucking reason 1313 gets a pass? Why?! Because it has Star Wars in the title? Ridiculous.
Good luck in your future endeavours. Hopefully your new games will be of greater quality and more creative than what you've been creating in the last 7 years...