Went in yesterday to work out. I hadn't been in since end of Sep. The new ownership is now running things as Spectrum Fitness. I was told flat out that Fitness Factory never paid rent and closed up shop to avoid doing so. That explains why all the TV's were gone at the end of last month. Unlike Julie M. I received zero notice, and there were not any signs anywhere about the closing.
So yes, I signed back up for a flat $19.99/mo with NO other charges, fees, or costs (thru 10/31/10). I too, like the location a lot, plus the amenities are good as long as they are maintained (at the end, there was too much broken equipment with Fitness Factory).
I have no experience with Fitness Works, the company that "bought" my contract, but it is farther away, and my previous deal was for the same $19.99/mo. My contract says nothing about "transfers" or continuation after closure, so I disputed the last charge on my AmEx and requested them to block future charges.