The old GIA started in 1998 and they announced the closing of the site in 2002 as an April Fools' joke. (The joke of course being that it wasn't a joke.) Then this July they decided to announce, via their new twitter feed, "Okay, it's been twelve years. I think they fell for it." (Although if i'm doing my math right, it's actually only been 11 years =)
They were the first "casual" game news site i can remember that did regular updates, and i was really sad to see them go. GamesAreFun popped into existance for awhile and filled kind of the same niche, but then they died. 1UP.com also filled the same general niche, but then they died to.
It's hard to tell at this point if the new GIA will live up to the potential of the old GIA, but i'm certainly hoping. Although the thing i actually remember most about them was their _other_ April Fools day posts.