@alisonr and my point is that it would do people well to learn how to write and speak correctly. It's a good skill to have that would probably help people do better in life. I'm not saying "LOL" and "OMG" aren't becoming part of the lexicon, anyone who has eyes can see that. My point is if that's all you know, you probably don't sound very intelligent. And I don't see how you can love language and grammar but be excited by "LOL" etc taking over in place of any actual words.
There's no doubt in my mind, text-speak etc, will take over but as a writer, I also think that is super depressing. Sure, it's fine in chats but it makes the attention span so short there is less and less need to write anything of substance because people will not take the time to read it. As it is, some news outlets only report in twitter like bullets points, not even full stories. But if you think this is exciting and a good thing, more power to you I guess?