Is She Tracy... Yes (imo).
Was she Tracy in SPECTRE or will she be Tracy in Bond 25... what do you think?
Both. They've straddled the Tracy storyline over 2 movies; expect her to die at the hands of Blofeld and Hinx in the B25 pre-titles, catapulting Bond from his comfy retirement back onto the revenge trail (which was originally played out in the epilogue of OHMSS). That would make the inspiration for the body of B25 YOLT. And that's something to prey they get right and to savour. Btw, i imagine the OHMSS theme that crept into the SPECTRE trailer was a hefty nod towards this being a latter day OHMSS in that Craig's Bond finds his Tracy (pity they didn't use that superb music cue in SPECTRE's score).
I guess Eon felt the audience couldn't handle a cliffhanger ending so opted to save the death scene for B25. There's a recent president for this theory: Cutting the original 'Bond shot in the snow' ending of QoS (whatever Forster says i believe it was Eon/the studio's decision to cut that scene, as it reeks of focus groups and a lack of trust in the audience's ability to respond well to an ending that's not 'happy'). Also it's likely Mendes played along, preferring to leave his Bond tenure with a sense of closure rather than a cliffhanger.
The purpose of Fleming's Tracy is to rediscover Bond's humanity after the trauma of Vesper and brutality that followed. That makes a great story and OHMSS was indeed a great story, but a very difficult one to follow up on in the next story... If the series is to continue, then Tracy/Swann must die if Bond is to plausibly return to action; if he simply got bored and return to M, tail between legs it would wholly undermine the love story at the heart of OHMSS. So the author and now the screenwriters had/have the unenviable task of repeating the pattern already played out after Vesper's death: Bond looking for revenge.
Fleming must take huge credit for managing to give that arc a fresh take by having Bond on the verge of mental collapse and addicted to booze and drugs, as opposed to the purely vengeful focus and intent post Vesper's demise (it's up for debate as to who 'unmanned' Bond the most; Le Chiffre with his cane chair, or Vesper with her betrayal). But Eon have played the YOLT drugs'n booze nihilism card already in the first half of Skyfall, so they can't really have Bond hitting the psychological skids again so soon (lets hope not). All they have left to differentiate Swann's death from Vesper's is the lack of a betrayal angle. Let's face it, the lack of an is not an inciting prospect for a writer.
So basically they have to play it out in a more tradional, less complex way - an innocent damsel that Bond couldn't protect. Not particularly interesting or inspiring and certainly the most hackneyed of motivations for Bond, if not the action hero in general. But there's scant options left to the writer's. E.g. a plausible, but terribly dull option would be Swann going into witness protection, while Bond resumes his double-0 status to catch the escaped Blofeld...
The problem with all of Craig's Bond films, except for CR, is that they want every story to have the full character arc; Craig makes the whole of the emotional journey in each instalment, with each film giving Bond peace of mind by the epilogue. Characters, the cowboys and the indians, may carry over, but that's purely artifice - there's no real continuation - no new emotions for the character - he's done growing (to the joyous cheers of the fans of the traditional cinematic Bond, but to the chagrin of the literary fans).
Fleming's Bond was always changing, as the job and his attempted relationships led a little further each time down the spiral towards his ultimate disintegration in YOLT and 'rebirth' in TMWTGG. Fleming seldom gave Bond that peace of mind and so each novel was a further exploration of where that peace of mind might be found.
QoS tried to resolve that exploration, by quite nicely identifying peace of mind as 'the job' (as Fleming did at the end of TMWTGG). But Fleming would usually leave the reader with a cliffhanger, or the lost love ending over the happy one. This made for a disconcerting final page, but wet the palate for a great follow up. Eon 'bottled it' with QoS, trying to make it a happy ending by excising the original dark cliffhanger and instead allowing Bond to trudge off in the snow.
The movie makers seem to fear the disconcerting final page and by avoiding it are forever doomed to repeat the hero's journey in every instalment. In all of CR's subsequent films Bond has started rogue and then returned to the fold; has cared about nothing but the mission, but ultimately learnt to care about someone (Vesper, Camile, Swann). CR got it right, keeping the shockingly dark ending. Whereas M's death felt more like an ageing actress stepping aside for new blood and besides, despite this 'tragedy' SF ending with Bond 'at peace' back in the job and raring for adventure in the final scene with 'the new blood' - tonally it was a very happy ending - very similar to QoS (..."I never left, Ma'am."). And now SPECTRE leaves us with the happiest ending ever (though that's obviously setting up the tragedy), and then it's 'hear we go again'.
It took several of Fleming's books for Bond make this journey, but now it's made in every film. So when the story comes along that really needs him to make this journey (SPECTRE and Bond25 feeling akin to OHMSS and YOLT) they're screwed because it's going to feel so old hat - so Skyfall etc.
Even if the writers do deliver the basis for a fresh take on this journey that Craig has made in every film, Craig's got a tough task ahead, having to play out the love interest killed - angry revenge arc all over again. That can't be particularly attractive to an actor of his calibre.
But the very fact that Eon ended the story like this suggests to me that they have a guarantee of Craig's return - would look pretty awful to start 25 with another actor in a relationship with Seydoux and hardly better to reboot again by forgetting 24 ended with Bond retiring.
...Or Dench's M could deliver the line as part of her new posthumous self-help DVD series.
Lol, indeed, lets start every Bond movie henceforth with an "Oh, and also, Bond..." addendum to her posthumous speech. Love it