What will now happen to WebOS?
In practice (and judging by the past history of how Palm and HP have handled webOS), this means that they'll print out the source code, light it on fire, and dump it into a forgotten trashcan out back somewhere. Then potentially come back every once in awhile to spit on the burnt remains.
So yeah, webOS as we know it is probably dead.
But at least we'll be able to run it on printers!
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And then, 10-15 years from now we'll recall it fondly like some geeks do with IRIX or NeXTSTEP.