Yes but the I think someone has to make a revolutionary move in this market eventually or there will be no market left.
It's going to only get more difficult for photographers to justify an average of five times the price for a MF system with so many compromises over a high end 35mm DSLR. If Canon and Nikon keep improving lenses as they seem to finally be doing, the differences will only keep getting smaller.
The primary optimism I have for the market is that over time, Photographers have shown they are willing to go through quite a bit to get the equipment that tilts the room for them. I don't know about medium format revolutions, but in my eyes the core advantages of medium format compared to 35mm have been image quality and the look of the file. What holds medium format back now is the lack of sophistication in the camera and the inability of many photographers to afford the larger sensor products.
I do not believe 30% of the previous medium format market will ever return, regardless of how much the products evolve, mostly because of economics and how the market has changed since 100,000 shot medium format. Even if medium format provided high ISO, and in-camera sophistication to go along with their core image quality advantage, I imagine no more than 10%-15% of the market would return due to the fact that -
commercially - they can get close enough for much less financial outlay.
But if medium format produces a compelling product that approaches the sophistication seen in 35mm competitors, they can succeed and grow, as the portion of the market that can afford and choose to afford that level of quality certainly has shown the ability and the inclination to switch.
I also feel that while medium format manufacturers have made their share of business mistakes, clearly they have struggled with developing in-camera functionality that approaches 35mm functionality. Whether this is due to CCD technology dependence, I don't know. But certainly some of it is - lack of high ISO and in-camera Live Video, etc. And scaling CMOS technology to medium format sizes remains a challenge. If it was so easy, what is keeping Canon or Nikon from doing the same thing? Perhaps they will , or perhaps they've already realized that while it's possible, the amount of resources to make it happen - in a near-term time span - will ensure that final prices would exceed the market's ability to purchase in numbers sufficient to reclaim their investment.
I do know that medium format manufacturers are not as stupid and ignorant as some think - they are looking at CMOS technology, they are not blindly married to CCD. Tthe most effective way to large sensors that perform is the march they must continue on, doesn't matter whether it is CCD or CMOS. Whichever gets them there quickest and easiest. Because that is a major part of the reason the photographers who choose to, still shoot medium format. Perhaps entry-priced products is an important strategy for medium format, but I believe the continued pursuit of larger sensor sizes - 6x7? - and core image quality, combined with enhanced in-camera capability, is just as important and I think, actually more critical.
Steve