Whatever your stance on the pill, I think it is naive to think that it will not have a lasting and deep impact on western civilization (and as it spreads globally, to all of human civilization).
Never before has sex been able to be had without consequence. Or the urge to have sex not led to at least the possibility of reproduction. For those that grew up entirely in a world where it exists and is readily available, it will have a huge impact on how they see sex, relationships, dating, and reproduction.
Sure, the world has a lot of people. But a civilization that by default, does not want to produce children? (As Huxley envisioned, and as I think will be the case in the coming decades) is headed for sure collapse.