While I'd hope the coming generation read some of the old phrack articles -- why would they bother to keep up with the new phrack? Don't get me wrong, I'd love to see vibrant phrack magazine -- but we can't really expect the coming generation (as a whole) to use what is now some ancient 'zine.
I think hacking has always been by nature a secret art. It started in a grey area, and as legislation caught up became ever more black. Now, you could presumably find yourself held forever in a dark hole accursed of "cyber terrorism" because some twat admin didn't disable telnet or dialup acces on your local nuclear plant.
To me it seems pretty obvious that hoping for any progress of the art in the open is a vain hope at this point. We've made it impossible. More power to the criminal organizations that have enough foresight to value talent when they come across it -- no matter if they pay in dope, girls[or: boys -- I guess I'm more caught up in old stereotypes than I'd like (even if they might've been wrong forever)], alcohol or cash.