Well well well.
I thought at first it was just a hoax, but since it landed on the Washington Post's and New York Times' websites, I'd say it's legit.
Alas that Bobby Kotick is going to stay as head of the new MSFT subsidiary, because if he were kicked out Microsoft could put one of their own people in charge and bring salaries in line with the rest of Microsoft. But I guess Bobby wouldn't like that, would he?
So for gamers, this is a non event. The people in charge of the Titanic are still there.
EtA: The Wall Street Journal is reporting that Bobby will be officially gone after Microsoft closes the deal. Of course, that doesn't change anything until Microsoft actually does something with ActiBlizz. So I'm not exactly waiting with baited breath for WoW's content to suddenly improve; so the old line of "Meet the new boss, same as the old boss" still applies until proven otherwise.