Folks like Steve Blank seem to be taking note of the region's efforts. We hosted him last month and his investment into the Michigan eLab (Venture Fund) in your neck of the woods (Ann Arbor) seems to be a strong indicator that something is here...
I could even see myself taking employment in Detroit; maybe not today, maybe not tomorrow, but the city is getting there. Mitt Romney might have famously called to let Detroit go bankrupt, but all it really needed was some investors who cared enough to force a paradigm shift. Look at Detroit startups such as Neowin, Fathead, Stardock, etc.
Those two things are unrelated. Bankruptcy doesn't mean the city physically disappears or anything. The reason one declares bankruptcy is to clear debts (in a fairly drastic way), which opens capital up to do things other than service debt. It may yet be a necessary or desirable step.
http://www.xconomy.com/detroit/2012/07/18/steve-blank-on-det...