100% agreement with OP. I live in Newark and the CO non stops are awesome as a DL elite. Priority boarding, eliteAccess etc. No upgrades (though CO elites rarely get upgrades out of EWR anyway). I've got some of these flights scheduled right up until Oct 24.
On one hand DL/NW's wing in Terminal B is going through a pretty hefty renovation right now. I hope this at least hints that they won't take away service ... but at the same time I can't see them adding service.
A bigger concern is due to CO's departure from Skyteam, will other European Skyteam carriers (like Alitalia and Air France) reduce or eliminate their flights to EWR because of the sudden reduction of CO connection options.
I haven't decided what I'm going to do yet. For transcons I don't mind taking CVG/DTW/MSP connections (I know people would vehemently disagree with me on this) but it's going to be hard to get me to connect to go to places in the east coast where a CO non stop exists.