This is something I've been thinking too... Funny thing is, Auringon Hauta, the the folk metal band in which I play, been since the beginning, was amd is part of new subgenre.

Sort of. There are not many folk metal bands who build their own traditional instruments, go bit deeper than surface about traditional stuff, I mean actual ancient stuff as lyrics, on native language, no synth what so ever and song composition is almost solely based on traditional instruments but arranged into heavy metal concept. There's skyforger, Metsatöll and few others who go very close to what we do. Although nobody's got any name for this, for your typical metalhead, we're 'just' folkmetal.
Anyway, where in the heck is music going? I think Dogsmilk sort of answered his own question in the OP... I have long ago gave up thinking that I should make original or world changing music, all this thinking did was that it caused me grey hairs. In a world where everything seems to be invented, maybe it's just wise to gather your own bunch from existing flowermedow and then just mix it all up to look like your own image.

This is my philosophy on this, what will the general direction be, I don't know.
One thing's for sure, since music business is changing quickly, album making and record sales are not going to generate much income in future, I'm quite certain that live music will be THE thing of the future, this because live music can't be downloaded and live performance generates income and interest. Also I think there will be some sort of raise in analog/acoustic stuff, most musicians who I know are BORED with overly produced digital sound of today and they want something fresh and 'real' from their sound, so I believe anything analog and acoustic will be the thing for many.