I don't think there will be a shortage of schools and in turn a shortage of pilots.
I think the hopeed for "Ryanair effect" will come into place with flight training particularly with oil at $140 and above.
Some of the smaller schools, or those with less cash reserves will go out of business.
This means that there could potentially be just a few large schools training pilots. I'm thinking the integrated schools - who charge a fortune, but who have quite a low cost base (i.e. farming the training out abroad).
They also have fantastic marketing departments and have respected names in the business.
Meaning prices will go up.
A bit like FR - hoping others will go bust so it can grow, and raise yields. The same could be applied to flying schools.