This is both good and bad. Too many new cryptocurrencies will just confuse the general public and lead to low levels of adoption.
On the other hand, innovation is always good for this sector. Maybe we have yet to see what will become the de facto cryptocurrency of the digital age.
Maybe it won't be bitcoin at all like many assume. Maybe it'll be some other cryptocurrency which manages to avoid the bad PR from the mainstream media.
In my mind, the breakthrough will come when a government starts accepting BTC (or whatever alternative) to pay taxes. Then we will see it really take off (I mean use wise, not necessarily price wise in comparison to paper fiat currencies)

Anyway, as someone put it before in this thread, fascinating times indeed.