I think the MMORPG thing is over-blown. Before that it was what? Counter Strike. That's not to say it's become unpopular, but the MMO's came in and became the 'nest big thing'. The Multi-Player FPS found it's niche in the marker (albeit a large niche).
With the recent uber-populization of the Video Game market, I think a lot of the opinions floating around out there are the opinions of people who are more familiar with stocks then with video games. Quite a bit of the feedback can pretty easily be ignored.
MMO's aren't the future. MMO's are now and have their place in the future, but something bigger and better always happens. Any serious gamer can look at the market and see it being flooded with game after game that is loaded with the exact same content. Granted, these are popular for now, but even John Q. Gamer is going to get his fill of shooting Nazi's and slaying Trolls.
I believe that towards the end of this Generation of Systems life span, we will begin to see a break in the market and, while there will still be a large market for Nazi shooting, there will be a shift towards games that are better designed, more thoughtful and more interesting.
No system is static.