As for my own belief, I don't know how it will pan out, but I'm inherently sceptical of people who are too certain that it is one way or another, the hard evidence simply does not exist yet.
I'm personally most inclined to believe that the universe is computationally classical, and while quantum physics necessitates that there must be quite a lot more information and processing happening than a Newtonian model requires, it is still a finite, thus putting a finite limit on what speed-up we can gain from a quantum computer. Most likely this pans out as the error correction limit being impossible to reach, but there is also the possibility that more complicated quantum states result in higher per-gate error rates.
I'm open to other conjectures, but if you want to dispel mine I would like to see some hard evidence.