Without a doubt. Just like mp3 was the transition from traditional media to digital for music, IPTV will be the transition from regular television. The technology is there and it's really good, but just like every new technology, the entertainment industry is clutching on to their old model for as long as they can and will hold off the transition as long as possible.
IPTV is the only future I see for TV but it's going to take some time to become the "standard" since a lot of places even in North America can't get a decent & fast internet connection. And with bandwidth cap with some providers, it still not the best solution if you have many TVs and a big family.