In my own opinion, I don't think it will be played out anytime in the near future. First of all, the tried and true theory. If it wasn't a known fact that the LS can perform and play hard, there wouldn't be Mustangs and Mopars dumping their 5.0's & Hemis for some form of an LS (sorry guys, lol). The LS comes out of the box ready to make some serious ponies and with a little work (AKA "free mods" and bolt ons), the ponies keep on stacking up. Some full on cam swapping, forged internals and machine work can really make your dyno day numbers skyrocket. Lastly, the build is fairly affordable, even with GMPP parts. I built my first LS for under $2,000 and still made nearly 500RWHP... you can't beat that with a stick!
Why would the LS ever play out? It won't. Thanks LSXtv.com for the excellent write up!