Photojournalism is and has been dying since the day digital photography showed up...
The 24 hour news cycle trumps all and photo journalism has become very irrelevant in the 24 hour news cycle.
This is the only point that I would take issue with, though I agree with it in spirit. Rob Hart made a point in one of the WGN interviews that he did, and I'll let that speak for my argument. We glued ourselves to the TV sets watching the details of the Boston Marathon bombing, and were bombarded with cellphone videos and photos, which absolutely sated our lust for more facts, images, rumor and speculation as fast as possible. But when you think back on the story now, it's the images of the pro photographers who were there and captured the moment completely because that's what they do. Do you need to pay someone full time in an industry that's dying to be able to do that while covering high school swimming? Probably not. But the art and impact of the photojournalist will live on - they're just going to find a different way to be compensated for that work.
So yes, the 24 hour news cycle is king, and the only real money making news media. But it's like vapor, and very little produced during it lives on the next day, let alone the next week, month or year (unless it's an extreme gaff). But the images of a great news photographer live on indefinitely in the minds of just about anyone who sees it.