Regarding FPSes: Every generation has had a quick-buck genre that's been exploited with small increments in graphics gimmicks, with a rare few that actually matter - it's just something you have to get used to. See: 8- and 16-bit 2D platformers, 3D third-person run-and-gunners. Now we're on to FPS games, which are incredibly profitable with how much people love online deathmatch. It's possible we'll see some changes with different types of technology and new means of input - not to mention general disinterest with the genre.

The trend I'm most excited to see is the growing popularity of indie games. Small teams are the foundation of gaming, really - late '80s and early '90s saw a lot of gems come from small teams, but the explosive costs and team sizes on recent projects has made an impossibly high barrier of entry for anyone trying to start their own team that isn't already in the industry. But with the increasing availability of mainstream digital distribution methods it's easier for anyone to get involved.

Accessibility is important in any artform, in my opinion (and, yes, game development is one). When anyone has the opportunity to get their ideas out to the public then everyone wins.

edit: Another thing to realize about certain genres dying out is what ones were products of the technological limitations at the time. JRPGs were easy to make because pre-rendered backgrounds, limited FMVs, and text-rich stories were cheap and easy. As expectations rose to games that had full voice acting and complete 3D worlds, the costs and time require to develop them just got ridiculous. It's no coincidence that most JRPGs that have come out recently have been on the DS. Yahtzee had a good rant on that with regard to the point-and-click adventure genre. I recommend checking it out.