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It seems like most people here seem to be missing this fact.

From the Dropbox staff response:

"All current users retain their Dropbox Public folder, and it's function continues."

This news was intended for developers who rely on Public for app functionality. The public folder is not going away for existing users.

Worry is still warranted. Removing a feature for new accounts is a very clear step in the direction of completely removing the feature.

Yes, current accounts keep the feature the whole point of grandfathering features is to eventually phase them out entirely.

Grandfathered users have been burned many, many times before.