I think the question regarding CALL is a valid and timely one. But my take on it is that we needn't be concerned. I doubt it will be anytime soon that computers, even considering the use of webcams as tools for tutoring more than one student at a time, will effectively replace the value of a classroom instructor. Personally, I think it is a very viable option - I've seen some great programs and certainly there are many teachers who would be well suited for the kind of one on one interaction it would demand or require; however, I don't see it as being widely considered a more attractive alternative for a long time to come. The lower costs that you mentioned are not widely available and the adage "buy cheap get cheap" definitely applies. In fact, I believe that despite competition driving costs down, as it well in most situations, the more discriminating students will still seek quality over reduced costs.

So, I say - bring it on! Personally, I see online teaching as a great filler when I decide to start giving in to the classroom burn out that I feel gradually gaining momentum. Furthermore, I'm sure that a few years down the road I'll use CALL as a great source of income that keeps me out of the classroom entirely. I believe it's a wide open field that can only be limited by lack of imagination. The options for creativity are endless. Hey! Can't you imagine yourself as one of those lucky people who work at home? No more commutes. Kickin' back in a comfortable chair with your feet up while sippin' on a pina colada and conversing with your favorite online student. No more bosses! No more less than motivated students. No more stress wondering about your next job. Work anywhere - hell, take your laptop to the beach in Thailand. Can't work in Europe because of no European passport? Who says? How 'bout a nice little cottage in Ireland, or a farm house in the Bordeux? Whoa, getting caught up in my own fantasies here - sorry.

Seriously though, I don't think the "oh well, if you can't lick 'em join 'em" philosophy even applies here. As professionals we have the option to be innovative and creative participants in a field that is well suited for anyone with a little computer savvy and the desire to be a good teacher.
As for the many inter-active programs that are springing up that don't require the assistance of a teacher, I don't feel threatened by that either. Nothing will, in my estimation, replace the real interpersonal touch necessary to make gains in language learning.