I feel Microsoft is one of the few chances for Delphi to stay relevant. Even more, perhaps Delphi could flourish under Visual Studio, together with C#, VB, C++ and other languages Microsoft has in the works (Python and F#?). So I hope Microsoft will buy Borland's IDE business (everything but JBuilder I guess). Of course, I only want this to happen if this is what the employees want.
If Microsoft does not buy Delphi, my office mates are crossing their fingers. They don't want IBM to buy it (the company I work for used to be an Informix shop, and there is still a big number of Rational fans among us).