Truth spoken. The DVD will be dead, as a format it will go the way of VHS and compact disc (and won't be replaced by Blu-ray, which is just another disc). The movie is not dead, however. That is where the confusion lies for a lot of people. Saying "the web edit has replaced dvd" is partially true, if you mean the actual disc, and not the actual movie.
I don't think the feature film format will ever truly die, much like a Hollywood cinema release or a live music show. The change will be in how you actually view it and/or purchase it outside of a big screen show. Most likely it will be digital downloads (like iTunes), Viewing on demand aka steaming pay per view, and solid state media...download it to your Playstation 4, no disks or even flash drives involved! This is a major improvement for the viewer as there is no disk to store or scratch, it will be way cheaper, and the quality is far superior. Not to mention it lasts forever*. The only real drawback is the nostalgic factor- gone are the days where there are ski movies for sale in ski stores, cover art, or anything tangible hold in your hand.