Save JPG is a site that was started by 15x100, 15 Photographs by 100 Photographers, to try and save JPG in one form or another. (As a side note, 15x100 is a pretty interesting project)
In other positive news, JPG Magazine apparently has had some interest in acquisition. The interest in the site means that it'll survive at least another week, with hopes of much longer.
There's also been some interesting ideas in the comments on the Save JPG site. Comments suggesting that JPG should charge money to post to the site, but remain open to view. Something like this I feel might work, but I'm unsure what you'd actually be buying. Flickr, for instance, is a photo backup solution in some regards with a Pro account. The unlimited storage, unlimited uploads is key there.
But, what else could JPG do to survive? Could JPG turn into a generic photo sharing site, or what about the possibility of taking the community magazine to the next level and let individuals of the community create their own issues? I don't know, but the question of JPG's survival, and the form it survives in, is something I look forward to getting an answer to.