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Well one thing I'll add to all this doom and gloom...
We all know that Google likes to rearrange the deck chairs with some frequency. So I'm confident that sometime in the future they will release a new algo update that will shuffle around the SERPs again. Something will shift.
Plus... I think people will get tired of tubes just as they got tired of 88x88 TGPs or link lists.
MySpace, WorldSex, The Hun, Pinkworld, 89, ElephantList..... all shadows of what they once were. Sure some of those sites still have good traffic, but they don't OWN the internet the way they once did.
Innovation is key. Everything evolves.
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