I wouldn't say either of these statements are true. This is a DVCS doing what it should do: the source is easily distributed across multiple platforms. That's not a white flag, that's just embracing the technology. Remember that Google is supposed to want what is best for the web, it builds products to support that goal, but that philosophy doesn't preclude using other products (for example, Google is on Twitter).
Google Code is not going away, certainly. And I don't think Google has any real interest in GitHub: it's a product that would require such a large amount of retooling to work on Google's architecture that it would be cheaper to clone missing features into Google Code.
How much cash does Github have to keep the last 50 or the next 150 feeling special? This is where managing the business starts to get really hard.
I'd assume that the GH founders and first tier employees have probably each banked about $1M so far. A Google acquisition valued at $30-50M would set all of them up nicely and let them move on to other endeavors.
In my opinion, only a very generous profit sharing program or a planned acquisition strategy explains the complete lack of rogue employees blogging their gripes. Keep in mind all the drama at Twitter when it was small.
I don't disagree with that at all, but the cynic in me feels like even with such an amazing team the org stuff gets harder (cash aside) as the company grows.
However, GH has always exceeded all of my expectations in every possible way, so good luck to you guys whatever path you choose.
One notable difference is that you cannot give Google money in order to get private repositories.
For private work I've been doing Google Code by far best matches our needs. (Your needs will be different.) One place we use Github and the other is Bitbucket. I really wish Google would take our money.
One startup we are paying and one we aren't. Paying does give you a phone number to call. However it doesn't give you anyone useful that answers the call.
I wouldn't be surprised if an acquisition is coming.