Seems like milw0rm will stay up for the near future. In an email from Str0ke, he wrote:
Way to[o] many people unhappy with me over the
idea of closing shop. I just needed help which I have alot of people to choose from now
So the good news, is that we’ll still see milw0rm posting information. But for all of you who were disappointed by milw0rm almost closing: if you want to see it stay open, here’s your chance to help. Just write to str0ke and offer him help – managing a vulnerability database is one of the best ways to gain expertise and learn the field. Plus, you’ll be helping a valuable resource, and making friends along the way.
From a personal experience, I can very much recommend it. We started our own vulnerabilities database much like milw0rm a while back, and it gave us the expertise to build a vulnerability scanner, a fuzzer, and build a profitable business while having fun doing it. So much so, that the original SecuriTeam team is still actively working on editing and posting information.
So whether you are looking to sharpen your skills for fun or want to give a boost to your professional career, I highly recommend joining milw0rm (do it now, while str0ke is still accepting applications!)