The current set has been there since 2006, they've just tweaked it every now and again. Bizarrely it still looks quite fresh but perhaps its time for them to completely redesign it if they're going HD. It doesn't necessarily mean it won't be on over the summer, they could just move it to another studio (using a fake backdrop) or go 'on tour' or something.
This Morning is at its most successful for quite some time and ITV will probably look to milk it especially before a revamp. I imagine they'll make Studio 3 HD at around the same time. Loose Women goes off air for a few weeks in August and Lorraine (without Lorraine) could either come from Daybreak or temporarily move studios.
IIRC Holly's baby is due in the Spring sometime, so it's possible it'll only be up until mid-July they want cover, with Eamonn and Ruth on duty over the summer and then ideally Holly and Phil back in September - though I guess Holly would pretty much be entitled to take the autumn off too.
Alternatively though they might keep Eammon and Ruth to Fridays throughout the summer and bring in Holly's stand-in to co-host with someone else (I'd guess Ben Shepherd) to front the summer too.
I think Holly will leave late (baby due in May) and I don't expect her back until very late in the year (around November) or even in January 2012. And even then, I don't think she'll commit to 4 days (especially with DOI). I think we'll see another scenario with Holly only doing 2-3 days, similar to when Fern came back off maternity leave around 2002.