Well I don't know if I'd go that far. VIZ is definitly not dead. If the development schedule follows the past, the next version will have more and improved features over MAX, just as it did a few months ago.
Lightscape is unfourtunately on its way out. Its day ARE numbered.
As an aside I will be posting a review of MAX 5 for architect and CGartists done by Christopher Nichols this weekend. Look for it.