WAP - How long will it last

A couple of months ago, out of mainly curiosity, I downloaded the Nokia simulators, just to test out a simple appilcation made with the Java Micro Edition compiler/runtime.
See also Java ME Wireless Toolkit.
The phone i used for testing the app was a low end - bare bones Nokia phone.
But with Googles Android, Apples iPhone, etc., we´re almost to the point where the incorporated browser are rendering the same html etc, as your normal computer browser, and not just the minimized subset of tags used in WAP.
So the question is, what happens to WAP when  device manufactuers  can fit in a 100 gigabyte disc and Pentium 4 processor in your cell phone?
Granted, we´ve come along way from the bricks used 20 years ago, but is WAP here to stay?
Seems so. Techcrunch had a post today about some sites that allow the users to create custom mobile sites, mobile greetings etc.