Well, she's still a Christian insofar as she still believes in and follows Christ, but apparently she wants out of Catholicism and out of... well, hard to say. "Christianity" altogether, it seems, insofar as Christianity is typically associated with specific teachings (On homosexuality, on abortion, and in Catholicism, on contraception) she rejects and has always rejected.
I have mixed reactions to the announcement. Honestly, I still admire her for making a major switch on a fundamental belief and remaining committed to that switch even if she clearly has some problems with the specific (and in my opinion, important) teachings of the Catholic church. I find her move of "I am not a Christian, but I still believe in God and Christ and I worship Christ" to be kind of needlessly dramatic and superficially confusing. But hey, some people are dramatic.
Of course, I'm against the particular things she came out as "for", so I have only limited sympathy on those fronts. I wonder if she was under the impression that it was just a (short, no less) matter of time until the Church started to approve of some abortion, or gay marriages, or... etc, etc. I've heard before that, for all the problems with the church, the liberal advocates within it haven't fared well at all. A couple of decades ago, I suppose a pressing question the "liberal" wing of the Church had was "When will Hans Kung's teachings become the teaching of the church?" Not if, but when. Now the most pressing question for that wing is "How come next to no one knows or cares who Hans Kung is?"
So, it's not really a "good riddance" moment for me. She seems sincere in her faith, and honestly torn about these questions - as opposed to seeming like a primarily political person who had little concern for God but wanted to work against an organization she didn't like from within. So what can I do but pray for her, hope for the best, and take it as a lesson that traditionalists need to approach these questions not only with sturdiness but a voice that can reach people who may have emotional disagreements.