The vampire slayer has apparently been slain.
I never got into Buffy, although on the occasions that I watched it I always found it very well done and enjoyable; there was simply always something on opposite the show that I already watched faithfully, and then the show got to a point where I simply didn't want to invest the time I'd need to catch up with a mythology that is, by all reports, pretty complex. But I know the show will be missed, and maybe I'll investigate it in the inevitable syndicated re-runs someday.
And judging from what I hear from friends of mine and other bloggers who love Buffy, I gather the show is going out pretty strong -- maybe not at its height, but at least it's not getting all "stretched out" and bloated the way The X-Files did. (And in that particular case, I'm one who hung in there liking the show until the last season, whereas many other fans got sick of TXF during the sixth or seventh seasons.)