Take a look at the new google look. The google directory is noticeably absent. You have to dig in order to find it. Will this kill DMOZ? You'd think most of its traffic was from Google so this has gotta hurt. Thoughts....
At the risk of this being deleted... probably it will... the odp just had a huge feather "plucked" from it's cap. Possibly the last real feather it had. As GG said not enough people clicked the directory tab or the inline listings to keep it in. Fewer non-industry people will know or care about it now.
More people now use search engines than directories. That is a fact. Hitwise statistics for last September showed that Yahoo! search had 10% of US web traffic. Yahoo! directory had 0.7%.
Directories still have their uses. The links to the directory in Google SERPs were useful as a form of clustering. The ODP was also used for clustering by AlltheWeb at one time. Some ODP categories turn up in the 'Resources' section at Teoma.
Any human-edited hub can have greater control than an SE over the quality of content. For example educators provide hubs for approved learning sites. These remain useful for their specific audience.