It kills me that the people five year ago that were exclaiming Web 2.0 and JavaScript web apps were the future are now decrying HTML5. Even the Web 2.0 stuff was an extension of ideas Netscape was espousing in the 90s. HTML5 has simply become the latest brand name for that same concept. Google could switch GMail to "HTML5" by changing a few of their document tags.
I think the only difference now is IE6 is finally a marginal statistic in terms of browser usage so babysitting it isn't absolutely necessary for web apps. There's also finally a focus on page scalability and accessibility as a huge portion of an app's users are on mobile/touch devices.
There were always classes of applications that were never going to replaced by Web 2.0/HTML5. What comprises that list has changed (and gotten smaller) as browsers and app writers get more sophisticated. Ten years ago you had rudimentary JavaScript and unsophisticated browsers so basic data entry with HTML forms was practical. As JavaScript engines improved and browsers became more capable the likes of GMail and Google Docs became practical. To do sophisticated apps in 2001 you needed to use a plug-in or Java while today the same functionality can be done entirely in JavaScript in the browser.
There's lots of LoB apps that really have no business being native apps (VB6, Delphi, etc.). These are slowly being transitioned to web apps not only their requirements have changed but the environments have changed. If the CEO decides they want to look up reports on their iPhone or Droid, the reporting app is going to see a quick transition from a clunky VB6 monstrosity to a web app. The same is true for consumer apps, if a large portion of your users switch to Macs or phones (or you've tapped out the Windows market) that native app (a glorified database front end) becomes a liability rather than an asset.