First let me say that I in no way want to argue or sell anything. What I find is that the usage of pictures has changed enormously. When I started a few years ago there were two outputs for pictures. Prints and enlargements (portraits and weddings come to mind), advertising-commercial (using mostly large format transparencies for later color separation and printing of billboards or magazine ads. Some professionals are still working for these outputs and a few are using large format but most of them are using medium format digital. Having a proof right there in the studio with the client present is an invaluable asset. Photoshop post production is not left to the hands of the lab tech anymore as the photographer himself usually controls his output. I'm not in the market anymore and only am an amateur so I don't want to speak for the majority, but for me, I will not go back to film because I find it so impractical and my output consist more of sharing photos and photo tips on internet and with friends.
As much as I would love a Hasselblad digital, it would be just for bluff since my output would virtually destroy the quality of the original (compression for web).
As far as which format will die first, I suspect 220 is very close to it's natural death and 120 will follow. 35mm could take more time since there are lots more usage for this format (film industry) but they are experimenting with digital and I suspect that eventually they will go that way.
I don't know if you are old enough to remember the vinyls records. When CDs came around, the sales dropped because of the ease of digital music. Now CDs sales are sluggish because of MP3-4s. I think photography is no different and weather it's good bad or fantastic, the market will decide where the profit is and that's where the research and marketing money will go. And what marketing wants to sell, people will buy.
Nice discussion, I'd love to read what others have to say as well.