Il2 will continue on, but maybe not for the western part of the world. 1C is the distributer in Russia, and Oleg Maddox has made it clear they will be continuing with pay add ons (1946 Eastern front What-If so far announced) for them.
We may see them if UBI agrees to release them.
There will be no more planes released for the western world that were built by Northrop, Grumman, Republic, or Vought.
A patch or two is on the way, with some new planes, and after that some new maps.
If EA completely buys out UBI, they will more than likely terminate Maddox's contract - which would then allow him to search for a new western publisher I believe.
-SW