The ISU has announced that COP/IJS will be axed after the 2014 Olympics and replaced by the old 6.O system. They believe that COP is too complicated for all but the most ardent followers of the sport, and has alienated a large section of the old fanbase.
Another change that has also been announced is that the SP and LP in singles competitions will be replaced by a new technical program and a new artistic program. Taking a lead from the old World Professional Championships, the ISU believes that the artistic program will appeal to many of the lost fans who have deserted the sport, becoming disillusioned by the monotony of COP programs, and who are looking for greater entertainment value in terms of artistry, musicality, interpretation, and more creative choreography.
You can read more about the ISU announcement here