From a purly technical point of view, air cooling will be possible for some time to come. This is because it is simply a matter of using the fundamentals of heat transfer. Conduction and convection are the 2 most impotant modes of heat transfer here. Number one, you will eventually reach a limit on how much heat you can conduct from the die to the heat sink. Silver has the highest thermal conductivity of most materials barring exotic alloys which are pretty impracticle. Using the arctic silver thermal paste is obviously used to increase heat transfer to the heat sink by allowing any small void spaces on the die to be exposed to a very conductive medium of heat transfer.
I could talk all day about conduction but the real trick is getting all that heat dissipated. All those fins on the heat sinks are what make air cooling possible. Anyone will tell you that increasing the available surface area for heat transfer yields thousands of percent increases in heat transfer. Copper is not as conductive as silver, but an all silver heat sink might start getting pricy. However, reevaluating the geometry of the heat sink could result in a more optimal use of fins for further increases in efficiency. Convective heat transfer coefficients are also functions of velocity. It is possible in theory to get extremely high convective heat transfer coefficients by increasing the velocity of the surrounding air (i.e. through better case fans). However, this results in practical limitations since nobody wants to live or work in a wind tunnel.
But in summary, from a purly technical standpoint, it is possible through the use of exotic composite materials and manuipulating convective heat transfer of the surrounding air to keep air cooling at a pace where it can cool post-modern CPU's. Oh and by the way, lets dispel the statement right now that "it only depends on the speed of the processor not the watts". This statement is completely false and the person who posted it on the forums has had no formal engineering training ever. If he has had engineering training, he needs to go to the school that trained him and demand a refund.
I hope this gets some more people thinking about the abstraxt theoretical possibilities of air cooling.