Source: George O'Malley is Dead

OK here is how it will go. George will not die. The magic of Dr. McSteamy will give him a new face and if TR wants to leave the show we love him and wish him all the best. No one should be unhappy in a place where they 75% of their waking hours but George will come back with a new face (job opening).
Izzy is on the elevator for the grand exit (George did not get on the elevator).
Katherine should have taken a cue from "Joey" in Friends, say something bad about the writers they put you down the elevator (reference Joey's interview regarding his "Days of Our Lives" interview not giving the writers the credit).
I still cry when I watch that episode. Who ever leaves will be missed.