I read on the Cunard thread of Cruise Critic today that Stephen Payne said that he understands that the ship may be going to Singapore to be a hotel. The official word from Cunard on the scrapping of QE2 is "pure speculation". I hope so. I think that scrapping would be a really sad end to a beautiful ship.
Would definitely be very sad to see this happen to the QE2, but then it happens to the best of them. One can't simply leave out of service ships of that size sitting around. Much like outdated warships who've faithfully served their countries for decades and then get dragged out to some remote part of the ocean and then scuttled.