I know people are still mad about the Google Reader thing. But the comparison doesn't make sense when talking about Google Code. While Google Code enjoyed popularity in its time, the vast majority of people have moved on. By now if you find a project that is on GC then chances are high that either the GC page will simply tell you they moved to GitHub or the project is dead. As soon as Google started to move its own free software projects to GitHub it was obvious that the fate of GC was sealed.
They even offer tools to migrate projects and the data will be there for almost two years. I know some old unmaintained projects might get lost. I hope archive.org will preserve them.