Apparently Lutz Roeder has sold Reflector to Red Gate. Red Gate has said they plan on keeping a free version available. Red Gate has a lot of great development tools, such as ANTS Profiler and SQL Prompt. It will be interesting to see what they do with Reflector (I'm hoping for a Visual Studio add-in that allows you to debug into assemblies where you don't have source code :)).
Red Gates announcement
New download page for Reflector