MS will keep Win7 running for those willing to cough up the funds to pay for the support. This will not be cheap and will be a select group of users. Everyone else will be left to fend for themselves. From a security aspect, it would not be wise to remain on and actively use an unsupported OS with known and unknown, unpatched and unaddressed flaws.
If it's a performance machine it really shouldn't be on the internet anyway...I have an 12 year old laptop running Vista it runs like a top. It has occasionally been online but it's been rare