I haven't seen anything official but rumors swirling around the Internets are that the Bay Area's only remaining MTB festival, The Infineon Cougar Mountain Classic, will not be returning for 2008. Bolstering these rumors are the demise of their website at cmclassic.com and it's absence from the 2008 Infineon schedule.
This is sad, but not entirely unexpected, news. Cougar Mountain has struggled the past few years with course issues (and much criticism) and dwindling attendance. That said, I have always thought that the organizers did a great job with what they had (in terms of course) to bring MTB racing to the Bay Area. I will be sorry to see it go.