Basically, no, the sky is not falling.
Previously, stories were circulating that SWTOR - everyone's favorite galaxy far, far away, during a time slightly longer ago - was losing population and servers were lightening. Bioware is here to clarify, in a PC Gamer article, that no, this isn't the case.
Daniel Erickson, a Bioware developer, explains that the servers are drifting to 'light' server pop not because of dropped subscriptions, but dropped use in peak hours. Which is, incidentally, why the suggestion of server merges are being thought about. The article also talks about how they have some clever tricks planned, such as the recent Rakghoul plague, and how the community interacts with the developers.
Don't count The Old Republic out just yet. It's got a lot more life in it than that.