First I've heard of it! Seriously doubt it, too!
24/7's of all models sell extremely well and I doubt Taurus would want to mess with that.
Distributors have been known to exagerate some of these things just to expedite sales and boost prices, but it could be possible. Ran into that when I was shopping for a PT909.
Could be that a production run has just ended and will be run again later. Could also be that the 24/7 Gen 2 Pistols will be coming along, but Taurus had indicated they were an additional model, not a replacement model. Then again, minds and management can make changes. The Gen 2 Pistols will probably not show up till Christmas 2010 or later.
This is something that I'll believe when I see it from Taurus.
Perhaps Taurus Customer Service knows, but they may not be telling.