Two channel will be around as cds and downloads. I agree with the opinions that the sound quality of cds is limited by knowledge of how to record, master and produce a quality cd and the willingness to take the trouble to do it. I think that the sound quality of cds will continue to improve for decades.
Cds are cheaper to produce than lps. Audiophile labels will licence master tapes and reissue cds if the major labels don't want to be bothered with it, just like lps.
I heard something on the news today about how revenues from downloads increased by $40 billion last year, but that was a drop in the bucket compared to reduced revenue from cd sales.