Will independent publishing kill traditional publishing? No.
Will independent publishing burn bright and die fast? No.
This is the future of publishing: Hybrid authors. Writers who starts as indies and move to traditional for the legitimacy and access to readers, and traditional writers who move to indie for the freedom and flexibility.
More and more, we're going to see authors spanning this gap to enjoy the best of both worlds, whether it be the distribution provided by traditional publishers or the potential for great royalties with independent publishing. Both will be legitimate ways to give readers access to your writing.
Furthermore, writers who have been published in the past by the Big Six will realize they can put their old or rejected projects to work for them and do both at once. No more do manuscripts have to sit in the dusty box under the bed because they were a great idea at the worst time. No more books out of print and unavailable to the current generation of readers.
This is the future, folks. Are you ready for it?