CW is still a large part of the amateur community. As I type this, I am listening to FW5ZL on CW operating from Wallis & Futuna Is on 14016.5. I was calling him, but there are 100's of stations calling him and the pile is quite large. I worked a CW Q on the bird earlier today, as well. I have 230 DXCC confirmed and just about everything from here on out will be on CW as the expeditions/rare DX dont operate as much phone as they do CW. CW is alive and well in this hobby.
The US amateur population is falling by 1,000 hams per month. At that rate, in 5 years we will lose 10% of the total licensed hams. While I think something is necessary to get more people interested in the hobby, IMO dropping the morse requirement is not going to bring more people. It is going to allow the no code tech access to HF. It is going to allow those who are already hams, to upgrade easier. It doesn't appear that it will attract anyone new to the hobby. I can't see how it is going to help the hobby. I don't have the doomsday view that many have, however I think I will stay in the bottom 25KHz of the bands much more often if this happens.
Dropping the CW to 5wpm makes it so easy, that it is hard to understand why someone, who wants to be part of this hobby, won't put the time into becoming proficient at 5wpm. In abscense of a medical reason, not obtaining a CSCE for 5wpm is just lazy.