Lots of reasons for pessimism out there. But there's also a few rays of sunshine. One of my biggest surprises was browsing at photonet recently and discovering less negative attitude toward traditional photography and more posts having to do with film cameras. I really can't foresee knowledgeable people ridiculing traditional photographic works. There still seems to be a reluctance on the part of many galleries in considering digigraphs although that attitude will change.
I discount magazines and their editorial decisions completely. Commercial enterprises will always lean in the direction they see as being of the most benefit to them financially. They will try to be all things to all people and try to cater to the majority, just like a good old slimy politician.
Perhaps the biggest bright spot in the gloom is the information and materials available on the internet. It really has opened up possibilities for those of us who are engaging in marginally popular activities. If the digital storm had hit 25 years ago and the only information or products available were through the local camera store or newsstand, I would be SOL. Today, I can order what products I need or find other people with the same interests relatively easily.
Be of good cheer! We are becoming a unique, elite group. Enjoy it.