It's officially official, and none too soon as the last sequence of the prime mission terminates July 2, 2008.
We're already in the thick of science planning for the extended mission (XM). I, for instance, am working on a sequence that doesn't execute until late September. I would have been slightly miffed if the extension hadn't been approved.
Now we'll see if we get an extended extended mission (XXM - No really). Hey, it took us seven years to get the darn thing to the planet, we might as well get the most out of it while it's still functional. 2012, here we come.
If you were in charge, what would you do with Cassini at the end of the mission?
Crash it into Saturn. Preferably during an auroral storm. FOOM!
Crash it into a potentially life-supporting moon (Titan or Enceladus) so we can find it when we colonize.
Crash it into an icy satellite, give alien archaeologists something to puzzle over.
Zing it out into deep space, a la Voyager.
Turn it off and let it orbit peacefully for hundreds of years. Saturn's already got 60 moons anyway
Other, described in text box.
I can't believe you didn't give us ticky, but here is my alternative Cassini termination scheme anyway.