These rumors have been around for at least a few months now. Pope Francis certainly has the ability to revoke SP, but I personally doubt that he will. If anything, according to the original rumors, he intends to limit the TLM to chapels of the SSPX, but such would only occur after both the society’s regularization (or at least unilateral recognition on the part of Rome, something also rumored) and the death of Benedict XVI. In this case those attached to tradition still have little to fear in my opinion.
For one thing, regular TLM goers who live near a now newly regularized SSPX chapel will simply switch their membership over there. Eventually this would cause some growth in the SSPX which would necessitate more chapels. With regard to other now formerly TLM parishes that aren’t in the vicinity of an SSPX chapel, I imagine that pastors would begin offering a more traditional OF Mass with Latin, chant, near exclusive use of the Canon and likely the “ad orientem” posture. In the end I don’t think there will be much of an issue. Besides, while Pope Francis has expressed confusion over those who are interested in the TLM, he has not to my knowledge expressed any desire to hurt the millions of Catholics who support the traditional Mass or to instigate the schism which he knows would likely result. As a side note, have any of you seen the OF Masses that he says in Rome? For the most part they’re filled with reverence, traditional chant and a nice mix of Latin and Italian. I’m just going to give him the benefit of the doubt and pray for the best.