I've not been watching Toonami since they played Dragon Ball Z and Sailor Moon, back in the late 90's. It just didn't seem like it was worth the time spent watching it anymore, they never played anything that I really liked or was able to get into, and that stays true up to it's last episode. True, sad that it's going, but I can't say I watched it much recently, though.
Adult Swim still has Shin Chan and a couple anime here and there, but yeah, anime will probably die out from Cartoon Network, at least for a while. But with all the other ways people are getting their anime these days, it is easy to see some of their reasons for not playing as much anime as they used to. It used to be limited to two or three modes of distribution (tv, professional vhs releases, or fansubs) but now you have everyone and their mother jumping on the fansub bandwagon and episodes are pretty easy to get a hold of. I imagine Cartoon Networks have been waning since 2000, and this was probably a long day coming.