I think that's an oversimplification. Two counterpoints:
* Database systems will always need to make heavy use of locality. The speed of light means that synchronizing access over long distances (even medium distances -- light only goes about a foot per nanosecond) will always be a challenge.
* Multi-core means vertical scaling is back in (if by "vertical scaling" you mean "scaling on one box"), and probably for a while.
Postgres is doing an excellent job at both.
I do agree with the less-exaggerated point that postgres really needs to improve its multi-machine scaling. But it's far from a solved problem on any system under discussion.