Which means, effectively, that this is closing it down, unless you're using the CSE from that time.
What's sort of strange to me is that Google is saying that the API "isn't useful," and that's part of the reason why they're restricting it. There are a lot of people who disagree with that and make quite a bit of use out of the API. Some people in the comments of that SEL article think it could really be because G wants more accurate data, or wants to restrict people to corral them into Google, or is just being "mean for no reason." One wild speculator says that this is proof that Google will charge you money to search the web in the future. Ha!