When Windows Phone 7 was the new thing, I went to one of the Microsoft dev camps for it. I vividly remember someone in the audience, standing in the walkway berating the guy on stage talking about Windows Phone 7 development because he had been focused on some Microsoft technology (Silverlight? WPF? I can't remember) and they had basically relegated it to the past by switching over to this new framework. At the time, I was kind of just mind blown, but in retrospect I can see his disappointment. If it were open source, either another entity could champion it or it would still go in the heap of bygone frameworks, but at least then it stood a chance.
And I'm fine with Microsoft playing around with something, open sourcing it, and then they decide there is something else out there they want to work with. Mostly in cases like this where it isn't a "product" they're attempting to market. Seems to be an okay process and perhaps someone can look at what they left in their wake to gain some kind of insight from it.
If the maintainers of a project don't manage the project properly and other people think they can do a better job, Open Source gives you the right to fork. And this social contract is an incentive for the maintainers to do a good job in order to not lose control.
On the other hand the maintainers have no contractual obligation to keep supporting the project.
When maintainers stop supporting the project, the code is still there to be picked up if there's enough interest. That's powerful, but also distributes the responsibility to all interested parties.
If no new maintainers show up to fork the project, then maybe it's OK for the project to die.