One of the things people in the US are concerned about is GA here going down a similar route - but as it is the idea of GA being a "sport" has not stuck except maybe for specialized areas like gliding and aerobatics
Perhaps "recreation" would be a better word. I would hate the thought of GA going the route I describe but a look at the way European GA has already gone confirms that this is the case. I really cannot comment on the US, which has a much better developed GA scene, I suspect. However, even there changes in lifestyle and cost is having an impact. Certainly the recession has been hard on all manufacturers, but the way the likes of Cessna and Piper are or were going speaks volumes.
Europe is different because there is not the same tradition of touring to the degree seen in the US and today getting anywhere is cheaper with Ryanair, even if it makes you want to kill something afterwards.