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It won't die down any time soon, and it'll never die out, because it is probably the most immersive of video game experiences i.e CoD4 and people enjoy that. Mirror's Edge may change that, but unless it is a massive success and many developer's start copying it, FPS will still be the primary source for the most immersive experience (if only because you play in the first person perspective of someone inside that game world).

As for the people that say "I was bored of it X years ago", you guys/gals are just the same as the losers that now hate punk or metal just because a few posers (simple plan and co) come out and popularise the genre because "I was into it before it was cool". Get over yourselves and enjoy the games.