I'm exaggerating, of course - email isn't dead, and won't be going away any time soon. However, it is slipping down the rungs of relevance quickly, replaced by things like IM and SMS. That's even more true for younger people than for the working set; if you have kids, ask them how much they use email.
Accelerating this trend will be the movement of IM towards something like what Googe unveiled yesterday: Wave. While I'm not sure Wave itself will catch on, the kinds of things Google is talking about most certainly will.
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