No, the focus would shift to "I am making this site because I love it" sites again. Less void but more genuinely interesting and good content. Well, this is dreaming of course.

Sites like Hacker News will still be around.

Not all free content relies on advertising.

C2 Wiki will still be up. I guess I wouldn't mind losing out on some of the stuff that relies on advertising, but some of the other stuff will make me sad to see go.

affiliate links would just become the #1 source of revenue