I work tangentially in email marketing, mostly brokering deals for the in-house operation and yeah email marketers are still here. It's probably the most under-represented online marketing field in that it's incredibly common, but you take so much shit for declaring that you're involved in the field that most people simply don't talk about it much publicly. Every single email thread on DigitalPoint, for instance, has at least two people who show up to explain how it's all spam and basically evil - and this is inside of the OM community. Outside the community you might as well be a one-armed pedophile leper if you're going to admit to being in email marketing.
It's also possessing of a higher barrier to entry and more legal ramifications than most (all?) other forms of online marketing (not small scale newsletter marketing, but email marketing) and this generally means that you don't get a lot of hobbyists, just large scale operators and, on the other end of the spectrum, people asking "How does I learning use Aweber!?"
In short, as long as there's money in it it'll still be there and it won't be a dying breed. And there's still money in it.