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This question has been asked many, it's not going to disappear soon.
Please read the following about the long Term Investment :
And also the pdf presented last year during Open World :
It will disappear or integrate with Oracle?By Oracle do you mean Fusion Applications?
In that case yes and no.
You will not have to exit PeopleSoft and go to Fusion Applications, they can coexist.
I have been at OOW2012 and every presentation on PeopleSoft had the same message:
Continues investment in PeopleSoft
And if I may quote the presenters:
PeopleSoft is here and we are not leaving.
Have a look at this presentation at OOW: PeopleSoft Update and Product Roadmap
Have a look at the presentation of OOW, they are now available for download and see what is planned in future.