My take:
I love the Iron Kingdoms. I have a game there, but that's been stalling a bit ... well, has ground to a halt amidst a plethora of other gaming options (Age of Worms, Keep on the Shadowfell, WFRP, Vampire ... the list goes on).
The Iron Kingdoms as a system of its own would be totally my cup of tea, maybe a Savage Worlds thing, but really, really a WFRP conversion would be gold (which isn't gonna happen, I know, but I can dream).
Anyways, did I tell you I love the Iron Kingdoms?
Ok, with that out of the way: huh, I thought IK was dead in the water BEFORE the 4e announcement. So it not being brought to 4e is not only unsuprinsing, it is anti-surprising.
I'm not disappointed with this "news". I've got the books and they are cool.
/M