The way I understand that blog post (and I've followed their two founders work for a couple years, so I have an understanding of how they work) is that they started Stack Overflow and Stack Exchange in order to change the way people find answers to difficult questions on the web.
Older-form forums and mailing lists are more suited toward discussions, rather than questions and answers. So Stack Exchange, at its heart, is really meant to make the internet a better place for hosting questions and answers.
When Stack Exchange started, they charged money and let anyone create a site, and that site was basically allowed to operate however the founder wanted. This meant that sites could allow for off-topic discussions, and not questions and answers.
So, they're now trying to get back to their original intentions, which were to create question and answer sites. To do this, they're turning the process for creating a new site into a a vetting process, where you first propose a site, then rally users to populate the site, and create enough critical mass to make the site worth running.
So to be able to continue and existing Stack Exchange site (such as or-exchange) you have to prove to them that people can come to the site and ask a question, and get a good answer in a short amount of time. To ensure this, you need a lot of members of the site who are active users.
So the issue for or-exchange may be that there just isn't enough interest in the site at this point. To fix this, it may be good to make it precisely clear what the intent of the site is about (using that proposal they have on the blog post).
I've known about this site since it came out (I read Michael's blog and twitter) but really never knew if my area of work (simulation and IE software development) really fit with this community.
So I'm not sure of the process, but basically this site needs to draw in more users and activity, or it's going to be shut down. The best way I can think of is for the users of this site who want it to stay open to 1) ask and answer more questions, and 2) advertise the site as much as you can to people you think would be interested.
Hope that helps,
Jon