From what I understand, Larrabee is not truly dead. It will not be released in 2010 as a video card (at least not in the first three quarters). It is not considered by Intel a good platform for video at this time. However, as a secondary processor, Intel is planning to keep it around. There is nothing solid yet, but there are hints of a PCI card, like Mercury's secondary processor card that has an IBM Cell 8xi processor, in the works. It would be a card for processing large amounts of streaming data at high speeds, similar to the cards using Cell processors.
This idea is not new. Years ago, there was a card, I think "Clear Stream", that used 6, 8, or 12 low power MIPS processors in parallel to do basically the same thing. Folding@Home even experimented with a high performance client for these cards. Unfortunately, they started at about $7K, and I think went up to $11K, so there was little market presence.
Also, the idea of a streaming data co-processor has some merit. The Zii stem cell processor can turn processing elements into streaming processors. Also, if it ever materializes, the Chinese powers behind the Godson 3 processor have discussed the idea of the high-end HPC core being eight processors, four "CPU" units, and four streaming processor units (like the Cell's SPE units).
I could see Intel having an HPC platform (workstations though supercomputers) that are Core (or i7 / i9) CPU's and Larrabee SPU's (?, Streaming Processor Unit) on the same board.
And yes, there will be a BOIC and SETI client for it.