I disagree. The pendulum swings both ways. The TV generation is aging rapidly and will soon enter our nursing homes.
The appreciation for books will return, once the novelty of technology wears off. (or, perhaps, in conjunction with new technology!)
Yes, the pendulum can swing, but is this horse buggies, or something deeper?
I believe that the lack of the basics along with the very increasing reach of DVD’s and MP3’s, very few of the current generation will not wish to read. That will kill reading for a long time to come. Children are more inclined to read if their parents read. Less parents reading equals less children reading. Less children growing up to read, later there wil be even more children not reading. And then they have children. On it goes.
At least, that is how I see it.