Zoom.it is being discontinued, but the technology behind the site is continuing forward.
The timeline for the end of service is as follows: August 15th, All uploads will be suspended and on September 15th, all image hosting will cease and the service terminated.
Seadragon technology will continue forward as the Deep Zoom feature in Silverlight, a shining example of Silverlight's ability to "light up the web".
In addition, there are two Open Source projects that continue to improve this technology. The first is OpenSeadragon which was created by members of the original Seadragon team, as well as Seadragon Ajax which was the original project from Microsoft's Live Labs group.
We apologize for any issues that this might cause.