I worked for Turbine for 3 years and it was awesome. Don't let the haters out there slander your thoughts on the company. I left a few months ago, but it had nothing to do with the company or the people. I would go back in a heartbeat.
The simple fact is that Turbine is a business and businesses ebb and flow and, unfortunately, this is more common in the games industry. At the end of the day they have to make money and that will sometimes involve layoffs. I know many who were let go today and they are all great folks who will land on their feet.
It's a sad day but hurling abuse at the company is silly.
As far as the games go, DDO and LOTRO are being cut back. AC is less certain. IC is the big push and future projects will be handled as they come.
Best of luck to all my friends affected today! Hope to see you all at PAX East in a few weeks! :)