There isn't too much commercial interest in the more popular ham bands, especially HF. Shortwave broadcasters are dying off. Most military and commercial traffic that used to go via HF has long since moved to satellite systems. There's some interest in the 2m and 70cm bands, but in most urban areas, the trend is to move most agencies to 800MHz (or higher) trunked systems or get on a commercial network like Nextel. The higher bands might suffer, but I doubt there more than 1,000 hams in the U.S. that have ever been active on a band above 1GHz. I think our bands are relatively safe from being taken away. The 220MHz fiasco was probably an isolated incident. It'll be interference from adjacent frequencies that clobbers bands like 2.4GHz that keeps them from being used. Or rather, the lack of cheap easily modified commercial equipment that keeps the bands from being used.

There's still a lot of value to ham radio and there are many aspects of the hobby. It's easy to be an active ham for 20 years and not spend any time ragchewing with the old guys running a kilowatt on 75m. Most afternoons I can fire up my 5 watt PSK signal on 20m and have essentially an instant messager conversation with a random ham in Europe, South America or the Caribbean. I know it would be easier to go IM random foreigners with AOL/Yahoo but I doubt it would be as interesting. Or if that doesn't float your boat, for years I was involved in public service as a ham, helping with everything from walk-a-thons / bike rides to hurricane responses.