I’m not sure that SVG is going to be a significant issue in desktop web-browsing in the near future, but I don’t see it suffocating. Particularly with its widespread support on mobile devices, and recent improvements in support across different browser engines, there is a lot of work going on with SVG. Which I approve of, as I find it a very likeable technology.

Interesting table of feature support at http://www.codedread.com/svg-support.php