No, we're not even close to the end of a discrete GPU era.
 
There is only so much silicon real estate to work with, which is why Intel has been so slow about rolling out faster IGPs. Doing so would require larger die sizes, and they can only make the chip so large before the fabrication costs exceed a cost efficient ratio. It also creates a serious problem when they are aggressively trying to target lower power markets, increasing the die size for better graphics performance hampers that.
 
Another thing about die size, is that if they combined a GTX 680 and an Ivy Bridge chip together the resulting die size would  still be huge... everyone would need powerful CPU coolers and additional PWM circuitry / more expensive motherboards to support the CPU socket drawing all the CPU + GPU power combined.
 
So in other words, built-in graphics will never even replace the mid-range GPU market. It will replace the low-end market and eat into the mid-range market, but replace it completely? I don't think so. Not unless fabrication technology changes radically to allow greatly smaller or more efficient chips. The constant quest for more CPU power and faster GPUs will ensure that as the industry shrinks chips, most of the real estate gains will be spent on adding more performance rather than combining everything into one massive chip.
 
 

As long as demand for computers with slots exist there'll be demand and supply to fill those slots. Discrete card use will only die with the death of slot specifications.

thank you for the input. I look forward to being able to enjoy this hobby for quite some time. However, the factors that create this community look like they are under attack by several factors.
 
1. Integrated cpu/gpu becoming enough to get by for mainstream (AMD/Intel)
2. Software companies that are not pushing hardware limits with their games(Blizzard, Valve, Crytek, console ports)
3. Rising GPU prices could be a tell tell trend that the discrete GPU market is in decline (690 is pretty darn expensive, and one could argue that the 680 is really a $300 card being sold for $500)
4.(going out on a limb here) shrinking middle class---->less buyers--->higher prices