Older lens discontinued?

You'll probably have to ask Canon.

Lens product life cycles are a lot longer than camera body product cycles, and the STM motor seems to mainly be intended for use when shooting video.
 
Maybe. I just read about a rumored replacement of Canon's 50mm f/1.4 with a new 50mm f/1.8 IS USM. It's unclear whether Canon would also discontinue their existing 50mm f/1.8 as well. In any event, it seems reasonable that as new lenses are introduced, it'll become increasingly difficult to justify multiple overlapping products. Not only do they represent overhead for Canon, there's inevitable confusion among consumers -- especially newer photographers who might not appreciate the fine points of distinction among a bunch of similar lenses.

Obviously, though, it's all just speculation, and Canon certainly isn't afraid to have some overlap in its lens lineup -- look at the 70-200 family, with four current offerings sharing the same focal length range.
 

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