Its not like that's the only reason people stopped playing. SF4 happened and BB came out the same year on consoles. Then I also remember EVO taking Guilty Gear out of its main lineup. Not to mention the U.S. GG community was never really huge to begin with (there were some 100+ man tourneys but that was it). I remember one of the biggest problems with GG was that it was damn impossible to learn so many matchups with everyone spaced out in the U.S. (i.e. I LITERALLY had to play people from Philly/New York to vs. a good Testament, Eddie, I-No, etc.). As the community began to lose interest there was pretty much no incentive for newcomers to pick GG over the current generation of fighting games. Why play something on an outdated console when you can play something new on a current generation console that has competition and even online play? This port is nothing but good news to me because now maybe more people will be interested in the game.
I just hope they fix the game speed (as opposed to console AC) and somehow they fix the 4 frame thing. Anything else is extra.