Torben Hein of Oracle released a blog post this morning outlining the product direction of Web Analysis and SQR Reporting. You can see the original post here.
Long story short, both products have reached their maturity and will not be continued after the 11.1.2.x code line. My interpretation is that they will still be contained in the upcoming 184.108.40.206 release of EPM that is tentatively scheduled for sometime this winter. Beyond that, I do not see these products carrying forward.
Many customers are shifting their EPM licenses to the BI Foundation Suite (BIFS) licensing, which is great news. This shift in licensing allows those customers the ability to use OBIEE, which is a stronger foundation for reporting, analyses, and dashboards than Web Analysis and SQR. OBIEE also has a wider adoption rate, in my experience.
To any prospective clients looking at an upgrade, I would strongly recommend contacting your Oracle Sales Rep and asking how to shift to the BIFS licensing and then plan to move any reporting from Web Analysis and SQR over to OBIEE after your upgrade.