I always find it so strange when people comment how "sad" it is when a designer leaves or is let go at a prestigious house... I know it's more of an expression, much in the way "brilliant" is thrown around, but it's not like any one of them will be impoverished now, or led to their execution. They'll continue working.
I'm always more excited about the musical-chair status of designers and makers-and-shakers in the fashion world. Fashion should be about keeping things unexpected, new, and experimental alongside the traditional, secured and classic. And all this shaking going on now is tremendously interesting, not so much for the drama, but for what's to come.
And yes-- Stefano at Armani would be everything. Armani hasn't been glorious for a very long time-- from time to time, there are glimpses of that Armani-grandeur and elegance, particularly in his women's A/W 2009-10 collection; very Catherine Deneuve in "The Hunger" vibe-- very exquisite. I can see Stefano bringing that vibe to Armani, but more aggressively.
I think Stefano's superbly talented, but no designer has been able to do Ferre justice. Ferre was exceptional in his approach to dressing women. I think it takes age to acquire what he did; the restraint, the form, the opulence and the beauty.