Servo is a research project to build a fast browser, ignoring older web standards. Project Quantum is Mozilla cleaning up those components from Servo (adding support for older standards) and migrating them into Firefox.
For refactoring a massive codebase, Project Quantum seems totally reasonable rather reasonable versus a total rewrite.
Servo isn't replacing Gecko, though. There's nowhere near the level of resources being put into Servo for it ever to become a viable browser engine, and there's no sign that Mozilla are moving in that direction. They're still very much using Servo to experiment with new things (WebRender, parallel layout, etc.), but the approach is clearly moving modules from Servo into Gecko if/when they become production-ready. As such, Gecko isn't going anywhere, even if parts of it are getting rewritten/replaced (and that's no different to Blink!).