I have no doubt that film, paper and other photographic chemicals will be around for many many years yet. What is happening now is the volumes of film sold/developed/printed is far less than pre-affordable digital. All that will happen is smaller companies will appear and cater for the (now reduced) demand and be far better suited to meet this new demand than large companies like kodak and fuji. This is already happening with places like j&c and retro photographic here in the uk. Yes the prices will probably go up and we will have to use probably east european products but I very much doubt film will cease to be available.
Take a look at the music industry. With the advent of pro tools and the like is analog tape dead? No! It is still widely used and preferred by many studios and recording engineers despite the obvious advantages digital has. The use of the transistor in amplifiers. The transistor has replaced valves in most amps but for the best sound quality, valves are the only way to go. Ask any guitarist/bass player, and look what decent bands use when they gig.
Personally, I find 'analog' photography a pain. Developing requires chemicals that go off, and it takes a while to do. As for printing, putting together a darkroom is a luxury that most people can't manage, especially if you are not a home owner like me. I don't have anywhere near the free time to print myself and I'm very sure many professional people don't either. All my colour stuff (now minimal) is done from scanned film. Things I can do in minutes in photoshop would take me years to learn to do in the darkroom - masking, local contrast enhancement, dodging and burning etc. And best of all I have an 'undo'

If you take a look at sports many have had to adapt since it's clear people now have much more limited leisure time and more disposable cash.
If/when digital can produce b&w equal of traditional processes and I have the cash I'll ditch film in an instant and never look back. The whole analog process after exposing the film is way too time consuming for me.
But one thing I'm pretty sure of if that analog photography will be around for a very long time yet, especially in the UK. I can see interviews in the future with fashion pros saying 'For this shot I was looking for a specific look so I used film'.
I'm shocked so many of you vow to ditch photography if you are forced to use digital. I find it very difficult to understand, since it's just a change in workflow, but perhaps I do photography for different reasons. My favourite part of photography is actually being out there taking the pictures, I really don't enjoy messing around with the printing side of things, digital or analog. Maybe for some people they enjoy spending time in the darkroom over being outside/studio taking pictures.
Note: I realise that the above may p*ss some people off, this is not intended in any way but just my take on things!