I feel sad about the loss of PASS.
Since it's mainly promoting Microsoft technologies, wonder why Microsoft didn't want to bail it out, a few million dollars is life or death to PASS, but it's only a small portion of Microsoft annual marketing budget. 300,000 members is not a small community.
I didn't go to PASS Summit, but attended about 10 local SQL Saturday events and 24 Hour of PASS. It's well-organized. I liked the free lunch, but I also paid for it if it helped to offset the cost.
In the meantime, without PASS, it could create more opportunities for independent consultants.