The 1953 Clyde built ship will sadly bow out of service in 2010 as the new SOLAS regulations come into force. As to her future once she ends her service, nothing is as yet known, however chances are, she will be joining many other elderly ships at the breakers when the rules change.
Regal Empress has had quite a life...
Regal Empress - Wikipedia
Nothing has been said by Imperial Majesty as to a replacement ship. Regal Empress joined the company in 2003, taking over from another venerable old lady, Oceanbreeze which was scrapped.
Whatever replaces Regal Empress, possibly the last chapter in this classic liner's life will have ended, possibly on the beaches of India or Bangladesh.