I just checked out Ohloh for the first time. While it does look like it could be very useful, it's not really the same approach as Freecode.
I like that Ohloh actually downloads the source code of the projects that it indexes, and then allows you to search through all that source code on its site. In that respect, it does far more than Freecode ever did. (Although honestly, I'm not sure that I'd ever need to use that feature.)
But the thing that I really enjoyed about Freecode was more of the news aspect of things: keeping up with what projects were being changed, what new features were being added or what bugs were being fixed, and discovering applications that I never thought about before, simply because they appeared in the news feed. It was kind of like checking the pulse of the open source movement, and/or letting serendipity guide you into finding something cool. Ohloh really makes you dig if you want to find something, though (there's no predefined category tree that I can see, you just search by keywords), and you can't really see what projects changed today and what those changes were.
Wireshark fixed a security flaw? They'd post a brief description to Freecode. Now I know that I need to download the latest version. Somebody just released a program that teaches sorting methods through audiovisualization? I never thought about that before, but that's pretty cool, I'll check it out. That's the kind of thing that you can't currently find on Ohloh. I don't want to be notified about every single commit to every project I'm interested in; just when they release something important. When they did something important, they'd post a description of it to Freecode, and then we'd all know. It was cool. It was more about sharing, and less about searching. If that makes sense.
I hope another site can become the pulse of open source like Freecode was, and not merely just another searchable directory out there that nobody uses.