Although the cancellation by FedEx is not unexpected (at least by me), what does surprise me is that FedEx didn't order the 747-8F instead. Perhaps a face-saving way of admitting that the A380 (and its thirsty four engines) made a lot less sense now that fuel is closer to $2/gal rather than the $0.75 when the A380 was ordered?

The 747-8 probably suffers to some extent from the same fuel-hogging characteristics as the A380, making the 777 a more efficient choice.

When fuel was really cheap in the late 1990s, the A380 made a lot more sense. Now that fuel is really expensive (by comparison), the A380 makes a lot less sense. Sure, if you pack 600 bodies on board, the fuel burned per body is small; but what happens to fare yield in the process of filling every seat?