Of course it's all speculation at this point anyhow: IF 4E is going to bomb, and IF that means D&D goes away, and IF that means that the industry folds along with it, etc. I'm not exactly going to lay down a wager on those odds. But if it went that way, I think it could be a great thing for the hobby. The great stuff coming out in the Old School Renaissance (private print runs, print on demand services like Lulu, electronic publishing, online community, etc.) bears out the reasonability of the latter claim.
While such an eventuality would almost certainly make it easier for you to find the material that makes it appeal to you, I would argue that the great stuff coming out of the Old School Renaissance bears out the relative unreasonability of your claim that it would be great for "the hobby".
The genius of the garage is still there, just around the corner, for those to whom it holds great appeal. Knocking down the car dealership in front might make the garage easier to see from the street, but isn't going to make the garage more appealing to those who don't already like it.