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I believe there is a plan to replace it with something better, but the project is far enough out that there was going to be a substantial amount of time between the time that Hubble went off line and the new one is up. I'm glad to see that they are not giving it up as it seems to be one of the most powerful tools out there right now.
Though I really wish they had a project running for an array telescope for space, put a few medium sized telescopes out there, link them together. Could get some amazing resolution.
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