RIP Lou.
I wonder what happens once all those legends are dead and the young generation grows up. All humanity will have left is Lady Gaga, Rihanna, Miley Cyrus and all that other cr@p. Kinda sad, really.
To be fair to lady Gaga, i find her quite interesting as an artist, The woman is playing a character, a front which she maintains all the time, which is certainly showing dedication to what she considers as art if nothing else. Reminds me a little in concept of Bowie in the 70's.
However yes, what you're saying echoes something i was thinking about yesterday, that the guys that laid down the direct roots of rock music and have influenced it since then are getting to that age now where they're starting to pass on.. and yep, all future generations are going to be left with are the likes of the mentioned artists and manufactured acts.
Saying that though. looking back through rose tinted glasses, we think the 60's and 70's was a golden age of music, but there was just as much commercial trash as now. We just don't see it because it's been forgotten. Time separates the wheat from the chaff. for every Lou Reed or Gary Moore, there were 50 awful artists/bands that were popular for a number of years at the time but weren't timeless.
People like Amy Winehouse (who i personally couldn't stand and think wasted a great talent) will be remembered I'd say. I think we're in an era of vocalists and voices that may or may not be rembered just now. It'll come back round to artists, Like Lou was, soon enough. In fact i think we're getting there already