Yes, we have decided to deprecate the old paypal module. We thought about creating a new major version of paypal module, but decided to go with a brand-new module, so if any one of you guys wanted to keep using the old one, you could.
The new module will be released shortly. It's based on latest paypal API. At the beginning it will not contain as many features as the old one, it just focuses on accepting payments reliably. In the future, we will implement other features like refunds etc, if there is a demand for it.
Feel free to use old version of the module for now. Just know that it's been officially deprecated, and we will not invest any time into it.