Mortal Kombat Armageddon, Is NOT the last MK game.
Mortal Kombat Armageddon however will be the last MK game featuring the story and characters we have seen throughout the series.
Armageddon will feature all, yes ALL characters (both including in previous games and characters from canon stories that were not put in games before).
Each and every MK character will be present and very much playable in all their forms (Smoke both Human form and Cyborg Form, The original sub-zero (the elder brother of the Sub-Zero we all know i.e. the one without the facial scar) as a lin-qui warrior and in his Noob Saibot form, Sub-zero with and without mask etc etc).
As the name suggests MK: Armageddon is the end of the MK world presented thus far.
Midway has decided to end all the stories for MK with the present generation consoles and start with an absolute fresh story, world and characters for future installations of the game.
As for whether the MK series sucks or not being cool, that is a matter of opinion.
Comparing Star Wars to MK is like comparing Transformers with X-Men. They are completely different genres of Sci-Fi. Both having their own styles and format.
It would be silly to compare the two, however both are considered classics in the Sci-Fi/Fantasy communities.
SW is as much a master piece as MK is.
Signing off.