If all the Silverlight team have been taken out and shot does XAML have a future?
But I bet you're feeling betrayed. I understand. I felt a little betrayed a few frameworks ago. Post-betrayal, I stick to focusing on transferable skills and JIT learn the rest of .NET. I'm on a WPF project now, have not studied WPF deeply.
My advice: if you have any say in the matter, try to work with ASP.NET MVC as opposed to the .NET alternatives, so your skills transfer.
Footnote: I don't know how many worked on Silverlight/WPF/WP7 versus how many work on XAML now. I assume XAML will march on. But no one will care unless/until the Windows tablet is successful.
Personally I stuck to C++ and moved MFC->wx->Qt !
.Net is interesting for the way it allows things like Ironpython and F# in as first class languages and wpf is fun to play with, but if you can't write something like Office or photoshop in it then it's just a toy.