This is bad news indeed. It's been 30 years since we've lost a Python, but I'm afraid it won't be another 30 years.
Monty Python were a unique group in that each one of them was individually great. Terry Jones was a great writer and he certainly had his moments as a director and had a great grasp on history.
I saw a documentary about Monty Python, I think around their 25th anniversary. My favorite part of it was John Cleese talking about the creative process. Jones and Michael Palin had known each other for some time before Python, as had Cleese and Graham Chapman. So those two pairs were definite factions. Evidently Cleese and Jones really didn't get along. Cleese talked about the writing sessions, and how he was from the South of England and Jones from Wales. He said that when someone from the South of England got angry, he'd talk slower and slower, and a Welshman would talk faster and faster and higher and higher. After a few sessions, Cleese would start baiting Jones, and they'd have these shouting sessions with Jones talking fast and squeaky and Cleese talking slow and low.
Cleese didn't say this, but I think that was the origin of the scene in the police station when each cop can just hear one register or cadence, and they all have to talk to each other at different speeds or in different pitches.
Clips of the Flying Circus are hard to come by, but here's one of my favorite scenes of his, the opening of Live of Brian:
