Really?

Just some examples of classic point&click adventures which were developed and released in recent years:
http://www.the-whispered-world.com/index.php?lang=en
http://www.unwritten-tales.de/en/
http://www.ceville-game.com/en/index_en.html
http://edna.daedalic.de/?page=3&lang=en&PHPSESSID=b7b14e880e93a4e2036fc082c427a5ce
http://www.runaway-thegame.com/index.php?rub=atwistoffate
http://www.theabbey-game.com/cms/the_game/locations.htm
http://www.telltalegames.com/monkeyisland
http://www.telltalegames.com/samandmax
http://machinarium.net/demo/
http://www.avampyrestory-game.com/index.php?&aid=1&id=18

Upcoming p&c adventure games include among others
http://www.graymatter-game.de/index.php?lang=en (Jane Jensen's new game / ex-Sierra)
http://lost-horizon.deepsilver.com/en/portal/ (I see a lot of influences from Dynamix'/Sierra's semi-classic Heart of China in this upcoming p&c adv game)
http://www.adventuregamers.com/article/id,1075
http://www.adventuregamers.com/article/id,852
http://www.telltalegames.com/nbcuni

European point&click adventure games are still strongly influenced by LucasArts and Sierra today. Telltale's US adventure games are completely infuenced by LucasArts (by default). One of PC gaming's oldest genre hasn't changed a lot during the past twenty years - which is good and bad at the same time - but it definitely hasn't gone away for the most part. Western p&c games are still being developed, but the genre seems to be extremely unpopular today, especially in NA.

The adventure genre still has indie guys doing them.  Genres never completely die off.  However, do you see them being done by major studies, with large budgets, in proportion to what is considered top titles?   Elements of adventure games have been borrowed by the action genre, is what I am saying.  The same now appears to be going on with RPGs.

No, but I don't care as long as small developers keep developing them (btw: I think 80s/90s adventure developers like Infocom, Legend Entertainment, Access Software, Westwood Studios, Dynamix, Broderbund, Adventure Soft, Revolution Software, Funcom, probably even Lucasfilm Games/LucasArts and Sierra were small either compared to today's major studios).