As expected and voted by many fans out there, Johnny Storm, aka The Human Torch, dies a hero's death in the pages of Fantastic Four #587. His death was a pretty obvious guess by some, since everyone in the team but the Torch bought the big one before (not counting the team's "demise" during the Onslaught Saga). With Johnny's sacrifice, the series will conclude with Fantastic Four #588, and a new series will debut soon after, with new changes to the status quo of the team. How that plays remains to be seen, but all we know now is that we've lost another hero. For more details, read the source post over at Marvelousnews, Newsarama, and Marvel.com.
R.I.P Johnny Storm. FLAME OFF!