It's certainly feasible to imagine that single-threaded performance will improve to the point that parallelism will no longer be "necessary" (although many people have observed that, with Moore's Law no longer yielding the performance improvements it did just a few years ago, this may be too far out). However, applications arise and expand to fill whatever performance we have available. By achieving parallel performance gains, we'll enable things that weren't possible before, no matter how good single-threaded performance is. Also important is the distinction between parallelism and concurrency: many domains need multiple threads for reasons that have nothing to do with performance! A database server, for instance, needs to service many requests concurrently; it can't function correctly in a "single-threaded" world.