Let's weigh the ups and downs:
BAD: No longer owned by fancy Conde Nast.
BUT: Now owned by American City Business Journals, producer of lots of actual business content!
BAD: No more Felix Salmon or Jeff Bercovici.
BUT: Is launching a new media blog by former Gawkerer Matt Haber, who got laid off by the New York Observer in its latest purge!
So it'll probably be much less lofty than Portfolio itself (which could be a good thing), but still bookmark-worthy. Zombies: sometimes they win!