That's correct.... the airlines are dropping/cancelling flights!!
Some cutback on flights to Aruba, BUT.... for anyone who connects prior to Aruba!! The regional flights are being cut.... so if you fly a connect BEFORE your flight to Aruba.... PLEASE watch your flight carefully!! There are not necessarily re-routing folks due to the cuts. In a lot of the caeses they are CANCELLING the complete flight. This forces you to look for and/or purchase a complete intinerary at different flight time or a completely different carrier!!
The price you pay may be quite higher to rebook. It was in my case and the flights were in Sept 08 and May 09. Good Luck and WATCH THOSE FLIGHTS!!!