They haven't given us any indication so far that they are planning to stop working on Carbonite as of yet.
If I'm reading this post from Faatal correctly, I would have to say yes* it will be developed for Cataclysm.
Originally Posted by carboniteaddon
We have not yet started any work on a Cataclysm update. When a Carbonite 4 beta is ready, we will post it for people to test. Then we could start getting data files from testers.
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*Purely my opinion and may/may not be correct. Time will tell though.