Not dead yet, and still playing a major role in Enterprise storage, but yes, definitely declining.
You can doubt Ethernet marketing pitch , but you can’t ignore the fact that Emulex was sold to Avago and Qlogic is considering the same strategy .
I would assume Avago (Broadcom) will not buy Qlogic, so the question who will ? Which company has an interest in Qlogic products ? As FC is not that interesting as a long term strategy, it will be about Ethernet NIC technology.
My guess is that one of the Ethernet switch Vendors will be interested to expand their presence from Switching only, to the NIC cards and End to End solution.
As server OEMs do not want to lock-in with one technology supplier, I would assume an Ethernet switch vendor will try to expand their solutions.
Cisco already have servers , will they consider locking-in with Qlogic?