I don't see any reason Emirates would cancel the A340-500s, they are on firm order and it would cost them a fortune in penalty payments to cancel them!
Emirates' most immediate priority is the choice between the A320 and 737NG families for shorthaul - this will end the need to fly widebodeis on shor-hops around the gulf flying with half the seats empty!
I'm not sure which EK will go for. The A320 is similar to the A330, but the 737NG is quite similar to the 777. It will probably come down to price! Although I'd say the Airbus was favoured (if they wanted to they could take A320s in place of their A340s to avoid the penalty payments) But, the 737 has a longer range, meaning Emirates could open up long-thin routes to Europe (if they wanted)
Have to wait and see!