As I've always said.....the benefits of home recording and the internet is that it allows everybody to hear everybody's music. The negatives of home recording and the Internet is that it allows everybody to hear everybody's music.
I first got into
the concept of "home recording" back in 2001 or thereabouts, when I was 15. Retrospectively it was still a new thing, as far as pro digital recording was concerned (yes 4-track porta
studios have existed for years but lets be honest, they're nowhere near the same level as even a basic USB 2-channel setup with a DAW and freeware plugins). I thought at the time I could start a band, jump the gun and get paid/recognition as an independent musician without even dealing with a label. I was/am very tech saavy, and recognized the power of the Internet even back then, before anybody else thought it was useful for anything beyond illegally downloading MP3's through Kazaa. When I first started doing really basic stuff with Radio Shack mics and Sound Blaster cards a few years later, that was when Myspace was taking off and I started seeing a ton of bands with posted music.
And then I realized I was too late. By the time I started my proper
studio in 2007, proliferation spelt the death of my ambition.
So to answer your question, the home recording boon will be a major footnote, but a footnote that produces no memorable music in the history books.