Why should we? We've had this channel for quite a long time now; no point in removing it now. And plus, it has, and always will be, the channel. Moving it to another server or changing it completely won't really solve any possible problems that could come up. People would still idle like mad, and it would seem dead to most even though it's not.
I say keep the KBFail channel. It saves a lot of time and effort in the long run, and the tradition will continue in the same place.
And isn't there a Chat link at the top of the page anyways? That links to the forum as well.