I disagree. The Virtual Console was a reactionary development to curb piracy because interest in the NES wasn't fading. Youtube, AVGN, and the ease with which modern systems can be hacked to run emulators probably played a greater role than in the retro craze.
You're probably right about AVGN and Youtube helping, though I'm not sure if console hacking really did much given how much easier it already was to just emulate on a PC. As for the Virtual Console, it's creation was indeed reactionary, but I agree with Thrush that it still helped bring people into retrogaming.
While all consoles will experience a second wind as children grow into their twenties, the 8- and 16-bit generations will endure. Maybe the short-attention-span crowd will fall off, but there's an attraction to a time when the market was dominated by companies that specialized in video games instead of computer and media giants, publishers took risks, games didn't have budgets the size of Summer movies, and a little imagination on the part of the player was helpful.
Honestly, you could make a similar case just about any era you want, from the Atari days ("those games were all about skill, not about graphics, story, or 'beating' it"), to the 32 bit era ("there will always be appeal for those games that finally had the freedom of three dimensions, but weren't yet bogged down by giant budgets or established ideas of how a 3d game should work"), to the modern days ("with games like Portal, Infamous, and Uncharted 2, we finally had games were story and gameplay were integrated in such a way that each element enhanced the other to create an experience that you truly couldn't have in any other medium, and there will always be appeal for that").
Don't get me wrong, I love 8 and 16 bit stuff, and I probably play more from that era than anything else, but every generation has its strengths and weaknesses, and which strengths and weaknesses appeal to the public at large varies over time. I really don't know how to tell how long these particular generations will remain popular aside from just waiting it out to see what happens.