Good question, one that I wish I had a crystal ball answer for, because the future is fuzzy. Fibre channel seems to be losing its luster: you have TCP/IP networks getting faster (GigE to the desktop); you have network infrastructures that support higher bandwidth applications (video, IPT, etc.); and you need to procure and manage an entire separate networking infrastructure (switches, directors, fibre cabling, etc) to support FC.
Fibre Channel still has a place for storage-intensive applications that you don't want to transact over the IP network, but, from what I'm told, you still have a high-bandwidth network that has a bottleneck (the host) to support storage access.
This was first published in December 2007