kaz - 8:42 pm on May 1, 2010 (gmt 0)

However I also believe that publishers in general will be earning less due to the fact that the number of advertisers can't keep up with the number of new publishers/impressions

I disagree as I believe by nature there will always be more consumers than advertisers and more advertisers than publishers. For every one person who starts an adsense site, there are dozens who start other types of businesses. As soon as you start hearing of more people starting adsense sites versus all other types of businesses (who are advertisers) combined I think we all are in good shape.