When they ended KMH2 and GkD, that decision was bizarre, as those shows were pretty well liked, and there were worse shows running, like BAVD, which they could have ended. My favorite shows on the channel were Rakt Sambandh, Ramayan, and KMH1 (didn't get to see much of KHM2). Didn't much like the others.
The reality shows were really third rate, and what sunk them - the swayamvars, the Rakhi Sawant shows, the zor ka jhatkas (hated it, as it caused Rakt Sambandh to move to 7pm, and its TRPs to plummet thereafter) and the others. The only good reality show of theirs that I liked was their final one - gyaan guru - but by then, they had pretty much destroyed the TRPs of just about all their shows, except CGM.
I have mixed reactions to Imagine's demise - on one hand, will miss some of the shows, which had anticlimactic abrupt ends,, but on the other, a part of me says good riddance to the channel that screwed up my favorite shows, including mythos like Ramayan and Dwarkadheesh (although the latter damage was more the work of the Sagars, rather than Imagine)