I guess a lot of us will be surprised by this question. But two very funny things have happened. The tsunami in Japan had impacted both Nikon and Canon. Now, the flooding in Thailand has affected camera producers again. Now, that is what you call a double whammy.
Another way to look at it :- The economic downturn and the natural calamities have dealt a double blow to the manufacturers. Will it stop the manufacturers from launching new models in time ? we will know soon enough.
That brings me back to my original question. Is Photography in peril ?
No. Some gear makers might see rough times, like Pentax…. But the journey of photography will continue unabated.