The 7 747-400s that VS currently has on order are for expansion and to ease the current strain that is on the fleet. When the A340-600s begin to arrive in 2002 (at the earliest) then it would most likely seem that some of the 747-200 fleet (The older Pratt & Whitney powered aiframes) would be sold off or retired to the boneyard. The majority of VS's 747-200s are definately in VS's long term plan as they are having cockpit upgrades, so I wouldn't be to worried about seeing all of them leave the fleet. In fact, in the latest Airliner World, it was reported that VS was in negotiations with several airlines in order to acquire 5 more second hand 747-200s. With the order being placed for 5 747-400s though, I do not know if they are still in negotiations. Currently VS operates 11 747-200s
In all reality, they continue to serve as the backbone of the fleet. They operate out of both LHR and LGW and fly mostly to North America along with Delhi and the Carribean.
"History does not long entrust the care of freedom to the weak or timid." D. Eisenhower