No, not quite. I was referring to a general trend; namely a decentralized model based on multiple nodes, something of a dream on the web since its' inception. By implication this would mean monolithic, centralized entities, like search engines, may become less relevant.
A current example of this is Meta-RSS aggregators which filter through many RSS feeds on your behalf. This information is of course pushed to the user, an altogether more difficult model to monetize because you don't visit anywhere to get it.
Therefore advertising has a place, but perhaps not using the model Google employs.
Google's admission of poor results
Google lists relevant info, and then places ads alongside it in the hope of generating revenue. However, Google's eminence is based on relevance, and getting you where you want to go. But if the adverts are also topic-relevant then surely that means some of the information returned by Google is either irrelevant (which we already see), or useful stuff is just missing? Otherwise the adverts themselves wouldn't add anything useful - in other words if Google worked the way they say it does there would be no need for adverts since the information would be found free of charge.
The point being the entire basis for their empire is on very thin ice. They very existence of advertising alongside free SERPs is an implicit admission of failure.
As for everything being free etc., no, I don't think that's realistic. But then again I doubt anyone would have predicted the rise of Open Source software development, people doing stuff for the hell of it.
The important point for me is that a number of people have raised issues about Google in terms of unfairness and generally sloppy business practices. This makes them an ideal target, much in the same way Microsoft, Sun Microsystems and IBM were with Open Source. I'm not sure that things would pan out quite like this, but not communicating with content providers, and generally treating people with utter contempt as Google do does not create a firm basis for long-term growth. Rather, you are little more than flavor of the month, used by many because there's nothing better.
Another element worth considering is trans-Atlantic differences. At the risk of offending anyone, many of the concepts discussed online regarding advertising (and its place) are very Americo-centric. A few people have implied slight differences as to how things operate in Europe, and this is perhaps a useful factor to consider.
In the US advertisers rule absolutely. All TV programmes have sponsors for example, and many people want to develop the internet along similar lines. This is not as prevalent elsewhere. In the UK, for example, on the BBC television network all advertising is banned. It is simply not allowed. No ads between shows, no words from sponsors etc. And they produced the BBC news website, the gold standard for news anywhere. So perhaps the idea of zero advertising, combined with professionals is not so unrealistic.