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I wonder if they will introduce LTS for Rails 3.0 etc, once Rails 4 will be released.
Rails 3.2 will continue to be supported, iirc
See the Rails release policy: if I understand well, it will only be supported until Rails 4.2 etc comes around.

There is a general question about how to keep up with the release pace, when you have many apps to support.

There will always be a market for supporting, rewriting, and upgrading legacy apps regardless of language or framework.
Indeed - especially given the pace of releases in the Rails world.

As a freelance doing Rails since 2005, I can tell many environments have a hard time keeping up with that pace.

This is quite interesting. I've worked on a number of legacy apps that have been using old versions of Rails, and were a pain to upgrade to the latest version of even just Rails 2. They were so big that upgrading to Rails 3 would've required a full rewrite no doubt.

This definitely has a market, great job!

My thoughts exactly. Even for people willing to move to Rails 3 at some point, but having issues finding the time because of many apps to migrate, it can still be useful as a temporary solution.
It's probably worth noting that ruby 1.8.7 will no longer be supported after June 2013 i.e. there will be no security patches or bugfixes.
True; that said some people moved Rails 2.x apps to Ruby 1.9 (with a bit of patching); I wouldn't be surprised to see LTS migrate to 1.9 gradually.