We still have 2+ years ahead with 25BTC blocks. I think the fee discussion is fine as a general Bitcoin challenge, but not a current problem for ASICMiner.
But the fees are what many people are holding onto as where the income will come from when mining and hardware keeps falling.
Would you pay the same for Apple if you knew they had to cut their prices in half every 5 years?
That's the whole point of bitcoin though. There is no reason why transaction fees need to add up to less than the original block reward. The total from transaction fees, in BTC, has been growing by 10x roughly every two years (similar to growth of BTC/USD rate, coincidentally). So it would not surprise me if the total transaction fees per block in two years were 3-5 BTC/block (instead of 0.3-0.5 btc/block now), and 30-50 BTC/block in 4-5 years.
So, I think there will always be PLENTY of bitcoins to mine. Whether or not it is profitable to do so will depend on electricity costs, technology, etc.