According to Mike Belshe's announcement, they expect the size of the block to be increased later, once there is greater agreement from interested parties. So it's not a definitive cancellation, how long is it going to take? we do not know yet, what is known is that the bitcoin community is not yet ready for this hardfork
This was never about the technical matter of block size.
It was about control. There has always been differing goals and mindsets between bitcoin "industry" and "users."
But if a minority can announce a fork and intentionally wreak havoc, and get away with it, that would appear to show a weakness in the overall functional of the algorithm in our admittedly imperfect society.
This "agreement" came from New York. New York is the banking capital of the world. Wouldn't the bankers like to control crypto? It would of course be a very different thing then.
That would be opposite from the goals of Satoshi Nakamoto.
On the matter of block size and it's importance.
Any traditional database expert would and is really laughing over a bunch of crypto nerds being conning on a pitch that a 2x block size in a database is going to solve their problems.
Really when a system upgrade is made for increased performance, the thinking has to be in terms of orders of magnitude improvement.