If delicious is to survive and flourish, then the organisation that should run delicious should be an organisation that solely concentrates on running delicious. Perhaps spinning it off as a separate business entity is the right way.
Delicious has stagnated for far too long as it is. So either spin it out into an independent business entity with fresh ideas and initiative, or replace it with a federated platform to allow others to innovate on top of it.
edit: personally, a takeover by a passionate team would be much more satisfying then a shutdown, just trying to point out what I see as an opportunity for the big G.