Don't get all teary eyed. There is already a replacement for Hubble in space and another on the way. Hubble has served its purpose.
"Here are some figures for cost comparison: NASA says Hubble's original cost was $1.5 billion, and annual operation costs amount to $250 million. The infrared Spitzer Space Telescope, which was launched last year and is returning spectacular pictures, cost just $670 million, thanks to expense-trimming tricks. Hubble's successor, the James Webb Space Telescope, is budgeted at $825 million."
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http://msnbc.msn.com/id/3217961/I propose allowing citicens to launch ICBM's at it for a fee, kind of like the ultimate in skeet shooting. That will eliminate the risk of parts hitting populated areas when it comes down. Use the proceeds to finance future missions.