SVT isn't completely dead; it's more like they're on life support--Hau Thai-Tang is still in charge of it, so the unit still exists. AutoWeek has covered this in the last month or so, and while they're dubious about SVT's future, they've reported (and Ford has officially said) that it's not dead.
(Yet.)
It's really close; the Adrenaline is dead, and the new Lightning was killed almost before it got started, so the GT-500 is all they have left now--and it's going to be sold through all Ford dealerships, not just the SVT dealers. The speculation is that the crash program to bring the GT online for Ford's Centennial burned out SVT human and engineering resources.
Hau Thai-Tang is (or was...) a rising star at Ford; he spearheaded the new Mustang and was (IIRC) one of the project leads on the '03 LS, so it's hard to believe that Ford would put him at the helm of a unit they're killing. Stanger things have happened, though...