Yep, it's true. Toy Story 3 is already in the planning and staffing stage, without Pixar. CNN article here.
The short of it is this: Pixar and Disney will end their business relationship after Cars comes out next year, but Disney will retain the rights to all movies produced by Pixar so far. This means that Disney will have the rights to sequels of all Pixar movies up to and including Cars. I personally always speculated that this would rule out any chance of a sequel to any Pixar film, since I'm not sure how you could make a quality sequel to any Pixar film without any of the key people who made the original. But I guess I was wrong.
Anyone else think this seems like abad idea? Can Disney really expect to replace Pixar and still make a movie on the same level?