Fedora Core 6 No More

[Rahul Tidke]

Hello!
    I have been using fedora core 6 in production since its launch, I have
applied all the software and kernel updates till data using software
updater. As redhat/fedora announced its (core 6) end of life; I am doubtful
about continuing its use in future??
    I am satisfied with the performance so far, iptables and selinux
(enforcing/targeted) are configured properly.
 My question is 

 1) Shall I continue using this version or shall I upgrade to Fedora 8??
 2) What actually end of life means??
 3) Can I apply (kernel/software) updates after end of life?
 4) Is there any security threat? 

Thank you.