Casey Newton, writing for The Verge, which I don't like that I'm linking to any more than you do, but this is where shit stands right now:
Facebook is shutting down Paper, a bold reimagining of the company's flagship app [Warning: Verge link] for iOS that impressed critics [Warning: Verge link] but failed to attract a large audience, the company said today. The app transformed the core Facebook experience into a kind of newsreader, with customizable sections for politics, technology, food, and other subjects. Visitors to the app received a message saying the app would no longer function after July 29th.
The writing has been on the wall for a while, but I do have to express remorse over the confirmation of one of my greatest fears (I don't live a very hard life): the only Facebook product I've ever truly enjoyed using is going the way of the tired clichés people use to describe when something goes extinct.
Pour one out for Paper. It'll continue to have a place on my home screen until Facebook finally takes it off life support in a month.