Lot’s of good points here but I would add to stop thinking in terms of “Web development” and more in terms of “Internet development”. Going forward, it’s going to be more about data integration with all kinds of components beyond the Web. The Web may be just one of the “verticals” your clients need.
Personally I would get more serious about becoming stronger with software languages and database fundamentals. Even if you aren’t coding down the road for your clients and are just managing projects, having a strong grasp of programming is going to be a much needed asset. Especially for small to medium sized shops which have the agility to pick up new technologies at a much faster pace than the large conglomerates.
The days of just building a static web site are clearly long over, but the days of a client JUST needing a dynamic web site will be coming to an end as well.