It is official that the new Star Wars stuff--movies, tv, etc--will not be based on the books that have created the Expanded Universe. This is both bad news and good. The books produced some fun characters such as Mara Jade and Grand Admiral Thrawn, and some fun development of side characters such as Wedge Antilles (the only survivor of both Death Star attacks).
It is good news because among the good books (including a few non-Timoty Zahn books), there is a heap of crap, especially the series of books that focused on post-post-post Return of the Jedi, where our heroes fought aliens from another galaxy who were barbaric, mostly dumb, and yet killed both Chewie and the youngest son of Han and Leia, just as he was getting interesting.
Of course, the new movies would be based on new stories. So, we should not be surprised. Some folks will be disappointed that key characters may be left on the shelf, but I am glad that some of the crap of the EU will probably not come into play. Tradeoffs and all that. Of course, we will only know if the right decision was ultimately made after we see the new content and can assess whether it is any good.
As Yoda said, "Always in motion is the future."
PS Here is an interesting take on the Expanded Universe