Windows 8.1 is scheduled to be released Oct. 17 and as Bob said is going to have an option to boot into the Win 7 desktop. I don't think MS will abandon Windows 8 as they did with Vista. The Surface 2 is being released next month and they appear committed to the metro interface. 8.1 is also bringing back the Start Menu(to a degree). A good read about 8.1 release is here:
http://www.theguardian.com/technology/2013/sep/18/windows-8-1-start-menu-17-october They note an interesting tidbit about upgrading:
Windows 8.1 will only be installable on a computer without an operating system, or as an upgrade on a Windows 7 or Windows 8 computer.
Windows 7 users will have to reinstall all their programs after the upgrade, as only documents and file transfer is supported. Upgrades from previous versions of Windows, including Windows XP and Windows Vista, are not supported by Windows 8.1, unlike Windows 8.