No, it will not, sure about that.
Amount of pixels on a sensor will grow every year.
But, how much pixels do we really need ?
What if sensor gets interchangable. to choose your own set-up ?
The problem is the more pixels you have per square mm of sensor, the more diffraction becomes a problem. I would imagine that just about all of the new p&s cameras that were announced at CES are diffraction limited at all focal lengths. This means while you may have 14MP of pixels, you may only have 8MP or so of useful information. Now, when you reduce to web size viewing or print at 4x6 or even 8x10, you average several single pixels to get one output pixel. So it looks ok when you put it to normal use, but if you need to do extreme crops or print large, it won't hold up all that well.
For instance, I plugged in the numbers for a 1/2" sensor, which is slightly larger than the 1/2.33 sensors in the recent crop of cameras. According to the calculator, it says diffraction will start having an effect at any lens that is f/2.5 or slower. Now, in practice, I think you can probably get away with a stop or so before it becomes too apperent, so lets say the diffraction starts becoming apperent at f/4.
Picking an arbitrary Olympus p&s camera that was recently announced, the Olympus muju 9010 has a f/3.2-5.9 lens. So ok, if you are shooting at the camera's wide angle position (28mm equivalent field of view to a film camera), it will give you a good picture, but if you zoom to 280mm equivalent field of view, the image probably isn't as sharp as it could be and needs more sharpening to be acceptable.
Here is the calculator I used, which better explains diffraction, etc.:
http://www.cambridgeincolour.com/tutorials/digital-camera-sensor-size.htm
Here is the dpreview information on sensor sizes:
http://www.dpreview.com/learn/?/Glossary/Camera_System/sensor_sizes_01.htm
So why do manufacturers keep bumping up the number, when most of them probably know it will not give better pictures? Because it is only 3 numbers most sales people hawking cameras quote (what is the price, what is the zoom range, and what is the megapixels), and what consumers have to compare against. Remember, camera makers do not sell directly to us consumers, they sell to the corporate buyers of Walmart, Newegg, Best Buy, etc. and those buyers buy on what they think their sales staff can sell.