As a developer, I think it's already happened as some degree. Do I feel threatened? Not in the slightest. Plenty of people hire developers on eLance et al at low rates. I've seen no impact on myself or my developer friends. Stand up at a tech meetup and say you're a developer looking for a job and see what happens.
As an entrepreneur? I see a wave of arbitrage opportunities.
Not necessarily the end of your business/career if you can market your value-add but a threat none the less.