Probably, but it will require a new system in which we don't depend on domain names to navigate. I think Google has already envisioned it, as they're starting to de-emphasize the address bar in Chrome.
The parked domain advertising market is so lucrative that even Google has entered it (possibly through the DoubleClick acquisition) with their AdSense for Domains program.
Depreciation != deprecation...
I studied 3 letter .coms as a proxy for the overall market. Domain prices haven't just gone straight up, they peaked in 2007 (funny enough when this article was published).