I personally decided to move my stuff out of GitHub, but it will take me a week or so to know where exactly as I'm still analyzing various options. And after migrating, I don't think I will close my account (even when I really distrust Microsoft) simply because too many libre software projects are currently using GitHub.
It's going to take a while for me to move out of Github.
I have a lot there over years and scripts that use Github.
Also Gitlab's import is failing on some repos.
It's also suddenly pushed me in a place where I have to suddenly find an alternative.
It's going to take some time.
But the real value of GH was "social coding" - open public access to open public projects.
That's going to fragment, even if GL takes over. And that will be a loss.
The real problem is the lack of open public server infrastructure. In the same way that everyone has access to a browser, everyone should have access to a private server, which is secure-by-default, controllably networked, super easy to set up with a selection of server apps that include social, commerce, payments, and public/private sharing of various kinds, and cheap to run.
The centralised consumer internet - where servers are far beyond the skill level of most users and can be a nightmare to set up and administer, even for professionals - is one of the reasons we have giant predators like MS and Facebook.