From what I've read, they are licensing the PureView patents, which stays with Nokia. However, the engineers behind PureView i.e. Juha Alakarhu, Eero Salmelin etc are all moving to Microsoft.
The people who made PureView are going to MS, and they are licensing the tech too. It's pretty obvious that future generations of the Lumia (or whatever they call it) will have that level of imaging. It's the tech and people who made it that matters.
The name doesn't matter.. there is a ring of about 50 patents surrounding the PureView systems, and that's the important part. As long as Microsoft have access to those, you are good..
Hopefully Microsoft can retain the imaging staff on their payroll..