I both hate it and love it. I hate what it is doing to Hollywood at the moment, but I love its long term consequences. I still believe this gold rush will lead to one of the studios going under; the current model is unsustainable. Driving up production costs and hinging your entire revenue stream on one or two tentpole flicks is going to backfire when you price your audience out of theaters.
If this recession continues, and consumer electronics prices continue to plummet, I could easily see people opting for the regular or 3D version of a Blu-ray in their own house rather than pay $15 - $18 per ticket at the theater. And if everything is in 3D, people are going to be a bit more discretionary on what they spend their money on - meaning less repeat viewers and less viewers, period.
The studios were already facing this dilemma prior to the emergence of 3D technology, and now they're only going to accelerate it by inflating ticket prices and oversaturating the market.