I know this is a risky statement, but I don't see surround sound catching on to the degree that people are predicting.
I think it will be the norm for home theatres; everyone with a TV and a DVD player (or whatever the format) will likely have surround, but music will still be mostly the way it is for quite some time.
I see the porn industry leading the way in terms of virtual reality. How will this effect audio? I think you'll see a lot more binaural recordings being done . . . jecklyn disks and whatnot as people get more and more in to exploring various false realities (nice oxymoron, there) from their homes.
I also see a return to the way things used to be some time ago for the record industry -- at one time, records were viewed merely as promo material with the actual product being the live act. Over the years, things turned completely around and the record became the product itself, and the tours a means to promote the record.
I see it going back the original way, as file sharing becomes all but unenforceable. Live acts will become bigger, more outlandish, more controversial. You'll hear records with more live content. A lot of AE's will be getting out of their producer's chairs and touring with the band, because that is where the money will be. Ticket prices will likely skyrocket for 10 years or so, untill the market becomes saturated and they come back down to about the price of a CD. More venues will open to accomodate the increased demand as record stores close. Employment opportunities will abound for roadies and touring companies.