We're not sure what happens from here -- an official from the country's Ministry of Culture has also said that the suspension of the review is "not appropriate," especially since the content under review had already been approved while the game was being run by The9, which may mean that it will be overturned just as quickly as it went down (and the game will be back in business before long). On the other hand, Netease may have jumped the gun -- they've been collecting subscriptions for a while, which they apparently weren't supposed to do without official GAPP approval (and we've heard before that GAPP might just want to delay the release of foreign games as long as possible). We'll keep an eye on the issue -- most analysts are saying that despite the threats, this is just another roadbump for NetEase, and they should still be back to collecting payments for the game soon.
Update: Stranger and stranger -- NetEase has released a statement saying they've gotten no official word from GAPP outside of the official press release. When you consider that along with the Ministry of Culture's comments, it seems that the government isn't quite sure whether they're approving the content or not.