Depends on your definition of exploration. If you're talking about human spaceflight, sorry, but it is a complete abandonment of space exploration.
I work at JSC, and the mood there today was positively funereal. Just speaking for myself, I think this plan is a death knell for human space exploration by the U.S. And on the anniversary of the loss of the crew of Columbia. How fitting.
It's funny to hear NASA Administrator Charlie Bolden talk about how we need to hold off on any plans to explore space until fabulous new technologies are developed to "get us to Mars in three weeks." Really? And Christopher Columbus should have waited until there were ships that could cross the Atlantic in three days before he set off on his journey. And the American pioneers who settled the west? They were fools. If they had just waited a hundred years they could have driven to California in their cars instead of risking it in covered wagons.
I have no complaint with NASA piggybacking on commercial companies developing transportation to the space station. That's great. But without exploration, we stagnate and inspiration dies. Robotics are important too, but unfortunately NASA has been ridiculously underfunded so long that we've somehow chosen to believe that we can only have one or the other -- We can either send humans or probes into space, but not both. Such is politics.
Unless something changes, I guarantee you that we will see China land a crew on Mars before we even make it back to the moon. How can we expect NASA to get anything done if it's scrambled every four years like this?
I'd write more, but my browser already crashed once, and I don't have the heart to type this all out again.