I don't know very many atheists who believe in an absolute morality, but I also know very few atheists who believe in a completely subjective morality. For the most part, people tend to believe certain acts (killing, genocide, racism) are wrong, regardless of their belief in a deity.
We can come to these conclusions logically and accept them as a society without invoking the idea of a deity. I don't think losing an ABSOLUTE morality is a bad thing, but I agree that a loss of morality entirely would be mankind's undoing.
I think tomorrow I may post an idea I have been kicking around in my head for a few days about the merits of a reason-based morality versus a faith-based morality. I'd like to see some Christian's thoughts on it.