I have enjoyed doing some Project Life pages for some things- like old pictures I wanted preserved but didn't want to spend a lot of time on. Did a Heritage album that I'm very happy with.
I really like the "cut and paste" aspect of traditional scrapbooking, and I don't see that changing for me. I like the creative aspect. (I also have waaaaaay too much in my "stash" to use up!) I do see using PL for some things, though. I need to scrapbook a trip we took to New Orleans. I always take LOTS of pictures, so I can see mixing traditional as well as PL, so that it doesn't take quite as much time.