If your interested in what Molecular Gastronomy is about you should check out "Molecular Gastronomy" written by Herve This. Fascinating stuff. I wouldn't say that molecular gastronomy is bringing down the industry?? Alot of the idea behind what motivates it is to add new dimensions to food or to try and find the best way (possibly contrary to what is traditional taught) to treat certain produce.
Traditionally we have been taught many things such as to blanch asparagus in boiling water where infact asparagus differs from other green veg in that it is water soluble so the best way to treat it is to cook it in fat, butter or a butter emulsion for example.
Without these chefs and scientist who are pushing the boundries of what we know and think we know, we wouldn't be treating our produce in the best possible manner.
I have eaten in The Fat Duck, and had the tasting menu which i thought was exceptional, I would have returned the next night for the exact same menu it was that good!! Some of the flavour combinations that I was convinced wouldn't work were extremely well balanced.
I by no means think that so called "molecular gastronomy" Blumenthal, Ferra et al are the way forward for all kitchens. I think the amount of time research and dedication to get that right on a daily basis is immense. I have seen on many menus the likes of fruit caviar, but they don't have the same texture unless made a la minute and i doubt most places that have them on the carte have the man power to do that. Hence all the trouble they've gone through to create a new texture sensation has gone to waste because their caviar is like bullets.
In short I still think that most kitchens will remain traditional, but I think the things that can be learnt and applied from this kind of research can be invaluable to any chef worth his salt, because any chef worth his salt is gonna want to understand his produce to be able to utilise and cook it in a way that is going to be the absolute best for that product.
If you want to see some really off the wall cooking check out Alinea in Chicago i think? Crazy presentation and ideas, this although interesting I think is a bit over the top, it seems to be more about presentation than anything else. Insane presentation though!! :) But the proof is in the tasting and I haven't eaten there..... :( YET