Yep. I just got it. The part about "your existing RewardOne points will be transferred to the new program accordingly, at a conversion rate that may be less than one-to-one" is not terribly promising.
Also, the following is on the RewardOne login page
Important Message from RewardOneŽ -The RewardOne program is ending. But what’s emerging is even better!
We are harmonizing two great airline corporate programs, RewardOneŽ at Continental and PerksPlus at United, into one - the new United business loyalty program - with an anticipated launch during the late first quarter of 2012.
We have been working diligently to build for you the world’s leading business loyalty rewards program. Stay tuned for additional updates and complete details about the new program.