Yes, we'll have to improve/adapt as well. We'll either have to embrace the mobile world and become mobile shooters as well (I guess we're already part of the way there), or we'll have to use our big boy cameras for stuff that we can't do with a mobile phone, or where instant gratification is not a priority. Mobile phones have wide angle photography pretty well covered, but the long focal length area still stands for the time being, as does greater dynamic range in a single shot. BIF is one example, though even there it is access to the birds that will be very important.
Flash photography is another area where mobile is unlikely to make a big impact. Even though we already have some external flash solutions for mobile (I've heard of them for the iPhone at least) it doesn't have the convenience factor that's a large part of mobile photography's appeal. We are used to lugging around large and heavy pieces of equipment so we're no strangers to inconvenience
Another area I can think of is image editing. The quick and dirty editing apps in phones deliver what 99% of what people want, but everyone has photos that look similar. We need to develop a unique look that will also appeal to the 1%.
A different way to look at it is that photography is not just about the photograph; it is also about the experience - the experience of being photographed. It is a small luxury that many people enjoy, like going to a restaurant when they can have the same food delivered at home. Despite the rise of the mobile phone and selfies I have done a lot of portraiture in the last one year which is quite unusual for me.
Speaking for myself, I take photographs for my own pleasure and not necessarily because my photos appeal to others, though it is nice when that happens. Assuming that continues to be true in the years to come, mobile photography is unlikely to affect my approach to photography any more than it already has.
Having said all that, I am aware that someday, and the day may not be far away, I may be the equivalent of someone who still shoots film today. Perhaps I should learn to sing, dance or play music as a Plan B