I'd be thrilled if Elizabeth was gone, but I'm not ready to believe it based on the sources being quoted.
I don't know if the show can (or should) survive after this. With Joy gone and possible Elizabeth and with Barbara probably retiring in the not too distant future, who's left? Whoopi, who, from the interviews I've seen, isn't terribly thrilled with the job, and Sherrie, who's not anyone's idea of a master at ANYTHING on that show. If they can quickly get some new people in then it might work.
I'd love to see someone like Meghan McCain taking Elizabeth's place on the panel. She's conservative, but she's so much more intelligent and well-spoken than EH. She's also not a pushover, but she's not so whiny and shrill.