I'm all for this new 777 and the coming, smallish (but efficient) 787. The smaller planes tend to get better fuel economy (the 777 gets much better mileage per passenger than the 747, for example), which is good for everybody and will get proportionally better if and when fuel prices rise farther. They're also easier to board and seem to me more comfortable--I much prefer riding on 777s for the SF-Tokyo flight I make frequently when compared to the larger 747s. Maybe airbuses are more comfortable than Boeing planes, but I'm not looking forward to riding on an A380.
Given the increasing fuel costs and growing financial problems for airlines (and all it'll take is one airline bombing to see a significant decrease in passenger volume) it seems like Boeing is making the smarter move with their smaller, more efficient planes. Airbus is banking on giant, ever-more-crowded hubs, where it's better to load up one huge plane than three little ones. There no doubt will be some of those, and if they're right the A380 will be the next 747.
But if traffic doesn't increase as much as expected (or goes down), and fuel costs go up (which will drive costs up and passenger volume down further), then Boeing is going to look very smart with their "smaller, more efficient planes, more direct flights" strategy.
Time will tell, and there may well be room for both--the A380 servicing China to India or whatever, and the 787 handling a lot of the smaller airport traffic.