Lockheed Martin continue to fully support the L1011 and will do so until it is no longer operated by first tier (ie original) customers. BWIA is the last such tier one custormer.
There has been a lot of guff spouted on this thread!
Some myths and reality ...
1) The L1011 is expensive to maintain.
Not really ... and as more L1011s are broken up, parts get ever cheaper. Indeed, instead of being sold by the line item, they are very nearly at the point of being sold by the ton!
2) Two crew members are better than three.
Airlines are regretting this move, big time. The cost of heavy or double crews is considerably more than that of a flight engineer.
3) The L1011 has less structural integrity than the DC10.
Actually, the design life of the L1011 is considerably greater than that of the DC10 ... and many times that of the current generation of aircraft. Notably, the L1011 has not had one single hull loss related to its design. The L1011 did not, as has been claimed "come out of its box with problems".
4) The DC10 is as much of an analogue aircraft as the L1011 - though the L1011 (and in particular the -500 with its AFCS) is far more technologically advanced - yet the DC10 is capable of being upgraded to the MD10. There is no doubt that if someone had the will (and the very substantial amount of money involved) one could do similar upgrades to the L1011.
reason that the L1011 didn't do well in the marketplace was simple - the improved version of the RB211 was developed some time behind that of the CF6. This meant that Lockheed could not offer a long haul version of the type to compete with the DC10 until well after the DC10-30 was operational. Although the L1011-500 had far greater range than the DC10-30 (not a lot less than the B747SP) it also carried fewer passengers, which increased the seat-mile costs.
The RB211 is quieter and has lower emissions than the CF6s, which means that it is marginally Stage IV whilst the CF6 only just scrapes into Stage III compliance.
L1011s are available for peanuts - Delta is selling theirs for well under US$1m each. Of course, you'd have to invest a few million on overhauls and engines, but at the end of the day you have a great quality aircraft that will go on giving good service ... and an airframe that will outlast today's aircraft!
Viva, L1011, Viva!!