In addition, the airline industry is evolving away from the hub and spoke route design that favors the 747 and other large capacity designs. The new model for the industry is to provide longer and more direct flights in efficient twin engine aircraft with upgraded seating and greater passenger comfort. Boeing and Airbus are both aiming at this market.
And, for all the tears shed at Boeing about the shutdown of 747 production, Airbus will soon be shedding far more tears -- and red ink -- due to the failure of its massive A380 to find enough buyers to continue production for much longer. Boeing suffered heavy costs due to its troubles with the development and production of the 787, but at least it has a fine aircraft to show for it, with a long and eventually profitable production run ahead of it. Meanwhile, Airbus's A380 is a technological marvel but a commercial failure.
The 747 is not simply going away. It will be around a long time, even if not exactly the same as 1969.
As for fewer engines...as someone declared, having more options is safer. 4 is better than 2 for recovery or continuation.
Watching “Air disasters” can really change one’s perpective, if not personal experience!