No, no, PW is far from dead. In fact, it's getting a slight overhaul!
In the next update, Elementalists are going to be replaced by a new job- Shinobi. I know you're all saying to yourselves, "But Eternal, Assassins are already the Ninja-esque job! Why should we have another?" Well, simply, these are Ninja of a vastly different breed from Assassins. The Shinobi will follow the more realistic view of traditional Ninja, by combining Ninja skills with a traditional Geomancer skill. Depending on the terrain the Shinobi is on, they'll be able to perform a different Bansenshukai skill.
Their skillset is currently this (better Japanese names coming soon):
In addition to those skills, the Shinobi will have Waterwalking as an innate skill, allowing them to easily get to their prey. In addition to this, Shinobi will be able to use Knives, Rods, Staves, Poles and Katana, giving them a wide array of weapon types based on how you wish to use your Shinobi. They'll have the same job prereqs as the Elementalist, so they won't be too hard to unlock.
Shinobi aside, I'm fixing a bunch of weird little bugs that slipped past before, such as the transgender Freelancer at Gariland. Freelancers will also be getting an overhaul, so look forward to that!