If total annihilation would be possible for consciousness and matter, which means that all information is gone and perceiver of that information is gone for good then one would not even noticed because there would be nothing to notice and no one to make note. This is impossible to know and to give an answer for such a question.
If this question ask about identity such as ego or entity object annihilation then it is very possible because you can experience it and many people have before, I am example of that. In that case everything dissolves into a field of observation, pure awareness of being that is before time, space, consciousness and matter.
If this is possible then somehow those two conditions makes one reality because there is no space, time, matter, consciousness, not even an entity but somehow the observation, presence is still there. No words can describe it cause it is empty of everything and jet full of everything, it is like being everywhere and nowhere at the same time and no time at all in endless space with no boundaries but no space at all, like the central point of existence but no point at all, the source with no source. This can never know itself, because there is nothing to know but still is everything and knows everything, you and I are just small part of it with our world.
It is possible to annihilate totally but no one will notice that and there will be no one to share with this non-perceived non-information.
Life is Love expressed in infinite ways.
Love is oneness and one is all.
Ego cogito, ego erro, cor sict. - I think, I mistake, soul knows.
If I am that which is nothing that exist but receives existence, what can happen to me, even if there will be no existence - that will be my purity.
http://www.youtube.com/watch?v=Fv2f1EbSy2Y