Maybe a little bit lonelier for some, but I have never once missed a Flight Engineer since going onto the 737 and now the 747-400. The way the systems of the 747 are designed, there is as much use for a FE as for the old Radio Operators and Navigators. He really would be completely surplus to requirements.
This is a fairly unpopular point of view, especially amongst FEs, but I think it's the truth.