No KitKat OS 4.4 for Galaxy Nexus?

So as rumors and news flooded Google+ today, I'm starting to see reports that Google has dropped support the Galaxy Nexus.

It was only a matter of time before Google dropped support for older devices. But what confused a couple Galaxy Nexus owners, is Google claims better memory management in 4.4, so in theory it should make it easier on the Galaxy Nexus...Right?

Sadly to say, for some of the more conservative Android users with older devices such as our very own +Sylvain Le Bourhis, they'll be stuck with Jellybean until the end of time, or until the devs at XDA say otherwise.

What's your take on this? Is Google right to drop support for older devices, or should they give it another year or two? Keep in mind, keeping older devices would likely cause them more work for future updates, thus may result in a slower roll out of updates in the end.