http://www.autosport.com/news/report.php/id/72568

Interesting, Personally I could see this happening for two reasons, firstly Michael is not an engineer, he really didn't like testing, no matter how much time and effort he put in he hated it, so in both cases of road car and F1 development it makes sense.
Secondly I think this would allow him to fully participate on motorbikes. Right now his contract prohibits him from actually competing on a full time high level series bike. A year at ferrari gives him another year getting experience in the lower levels with an eye at something bigger in 2010.
Now for Ferrari this would be a huge loss, from a road car stand point, he's been the best thing to happen to the company, the cars are without a doubt some of the best cars in the world now in terms of performance and handling.
And from a fans perspective Ferrari still have a large fanbase that are Schumacher driven, if he were to leave they'll go too, taking their money. There is every chance he could quite easily end up with another team as an ambassador, where ever Ross Brawn may end up after this Honda thing is dealt with.