Yeah, that's a constant danger in this game.  I've had two companies - for my soundcard and for my plugin suite - die on me in the last couple of years.  No more support, no more drivers.  It's always a gamble.
In the case of Cool Edit, I'm thinking that the acquisition by Adobe will guarantee its survival.  The question in my mind is how being part of Adobe will affect its quality, its creativity and its price.