I think you're right about the core fan bases. What MMA is in the process of taking over in the US is "the big fight" that very casual fans want maybe 2-3 times a year. The merits of the sport don't matter so much to these people. They want to see a big arena, jam packed as two guys who are recognized as no 1 and no 2 have a fight. UFC delivers that, with the bonus of exciting under cards that the fans and announcers are excited for.
Andre Berto Jr will be p4p #1 and the first welterweight to move up to heavyweight and win a belt He tko's Vitalmovich Klitschko (Vitali's son) in the 6th on cuts then retires its lookin good guys
It was only illegal because of Mao. Chinese will grow to love their boxing. I think there may come a time when they dominate.
I think PPV will disappear. I kind of think the sport has to hit rock bottom for the powers that be to see sense and start doing things to start generating new fans. If no one is paying ppv's and it becomes so marginalised, even more so then it is at the moment, then they'll have to start getting creative, and go back to basics of building stars on 'free' tv. As the chinese saying goes, out of a crisis comes oppurtunity.
I'm a bit more optimistic, Shaunster. It always goes through peaks and troughs and it always had done, but i think in that time it WILL return once more to the mainstream at some point. My worry is decline in technical accomplishment of the fighters to come. Great teachers are running out and i think don't there will be any left.