Fortunately or unfortunately depending on what side of the fence you're sitting on. I think the Han writings on the wall search firms who specialize in pay per click campaigns are in trouble.
MSN has introduced an integrated approach and they're not the only one. Google has begun testing the market by introducing more online advertising one-stop solutions. Google recently acquired the analytics provider, Urchin which I think clearly points the way for things to come. In my opinion PPC search firms will have to work pretty hard to stay in demand. Because many of the tasks performed in paid search may quickly and more easily be accomplished by agencies or the search sites themselves.
I believe that the best predictor of the future is the past. Look at the things we thought were specialized enough to require a specialized industry. I remember when Email was considered one of those industries. Now it's part of every companies environment. I think we will see the same thing happen with PPC search.
Please let me know what you think.