Moore's law has applied, and will apply - at least by inference - to all past and future computing paradigms.
The exponential growth trends of price/performance started long before CMOS processes were developed. While Moore's law specifically refers to integrated circuits, the facts remain: exponential growth trends were present in relay-based machines, vacuum tube based machines, transistor based machines (pre-IC), and integrated circuits.
In fact, the exponential growth trends are actually accelerating at an accelerating pace, as we are just now approaching the "knee" in the exponential curve.
The simple truth is today's ICs are manufactured at the nano scale ( 100nm), and will continue to shrink for several more generations of chips.
Before transistor size even begins to approach theoretical limits, new paradigms will emerge to replace current metal-oxide-semiconductor technologies.
We can already see this today. As we approach the limit to two dimensional ICs, we see the new emerging trend of three-dimensional circuits. We see the rumblings in research circles of optical systems at nano-scales. We're just now beginning to scratch the surface of quantum computing.
While Moore didn't invent the exponential, the trends he predicted more than four decades ago will be alive and well throughout the 21st century, even if by inference, as we transition away from CMOS to new, as-of-yet undiscovered paradigms.
To those seriously interested in this field, please consider reading Ray Kurzweil's "The Singularity is Near". You may not agree with everything the man has to say, but the man's data on this subject doesn't lie.