If I understand this correctly, my current Sonar Platinum is what it is. It will never be updated or supported again. The only thing that will now enjoy updates and support will be the new Cakewalk by BandLab. Is that correct?

I believe the new BandLab Cakewalk programs would be compatible with you old Sonar version. I also believe they've said the new Cakewalk program will eventually develop into a better version of what you current have, sometime in the future.

rodreb
If I understand this correctly, my current Sonar Platinum is what it is. It will never be updated or supported again. The only thing that will now enjoy updates and support will be the new Cakewalk by BandLab. Is that correct?

Yes. 

So, if the BandLab Cakewalk is an inferior version of Platinum (which we paid for) then, why would anybody even want to stay and support this. 

Inferior? In what way?

Inferior is probably the wrong term. The initial BandLab release is a core version which will incorporate your current version's extras when you install it alongside your existing installation.
 
The benefit is that unlike Sonar, the new program will receive updates and new features.

It`s still early days, you'll have to wait until all the database migration has taken place. I honestly believe from what I seen of BandLab so far if you were a lifetime SPAT user it will all be made available to you, basically whatever you have purchased in your old Cakewalk account will be ported over to your new one, it may a take a few months, just make sure your BandLab account email is the very same one as used in your old Cakewalk account. Patience is the key :-) 

Bristol_Jonesey
Inferior? In what way?

they removed the embedded 3rd party licensed stuff like pow-r dithering, for example

Maybe inferior is too strong but, anytime they take away stuff you used to have, that's a lesser product. Oh, and, yes, I was a lifetime subscriber of Platinum and a Sonar user since version 1.

rodreb
Maybe inferior is too strong but, anytime they take away stuff you used to have, that's a lesser product. Oh, and, yes, I was a lifetime subscriber of Platinum and a Sonar user since version 1.

All the stuff you used to have, you still do, except a dither option that is coming back. Only newcomers have a stripped back system.