You mean he isn't gone already?
I mean, I can't remember the last time I've seen a Cap'n Crunch commercial. Nowadays, the only ads I've seen are Pebbles cereal (fruity, coco and new cupcake), Trix, Cookie Crisp, Frosted Mini Wheats, Corn Pops and occasionally Lucky Charms, Reese's Puffs and Cinnamon Toast Crunch.
Either way, it is rather unfortunate.
Why can't they do like General Mills is doing and put whole grain in their cereal? Changes nothing on the outside and so still appealing. Mascots remain the same and everything.