Within a few months of the sale, Borland stock fell below $1/share and they were bought out by a 'corporate graveyard' company that basically does nothing but manage licensing fees on existing products. Borland no longer exists. Embarcadero, though, actually cares about Delphi. They've put a lot of work and effort into it, and the product quality has improved tremendously in the last few releases. Despite both the recession and Delphi being a commercial-only tool in a perceived 'age of open-source development,' sales have been really strong and the team's been able to make a lot of progress. TL;DR: Borland is dead; Delphi is not.
It's 'Embarcadero Delphi' now, and it's very much alive and kicking. Borland had a sizable offering of languages, tools and applications, but Pascal was their main meal ticket. The problem is that they put all their eggs in the Windows basket when they could have branched out to the Macintosh market. It may have been much smaller, but they could have owned the cross platform development strategy. The fact that Mac development was still done in Pascal made it a no brainer.