Well... the way I see it: HLSL Languages = better and more complex shader effects done much faster!
Basically, while today the programmers are pretty skeptical of this entire affair, which is the reason they're staying away from creating more complex shader effects, simply cause it takes so much time to code them in ASM, the future looks much brigther!
First of all, we now finally moved towards fully programmable graphics architecture, supporting thousands of instructions both in the vertex & fragment stages (well, in fragment processing, R300 offers 160 instructions max, but it should still be more than enough for the future... otherwise, there is always the option of multipassing...), which is a major departure from the very limited programmability of the previous generation of graphics architectures (supporting countable number of instructions!). Keep in mind that the next-gen of graphics architectures (R300, NV30, etc...), even without flow control, can bring a significant boost to the graphics industry, with programmers taking advantage of the immense number of instructions and producing better, much more sophisticated imagery at less time! That's exactly what HLSL's were created for, to assist the programmers, to adopt them faster to the ever evolving graphics industry, so they could take better advantage of the latest state of the art features, investing less time and saving headaches of programming in the tightly integrated low level ASM!
If HLSL's fulfill their purpose as intended, the DX9 era would bring a revolution and if that's the case, that would hopefully continue in the future and become a well stablized trend.
Second of all, mainstream DX9 parts from ATI are already on the market and NVIDIA and (hopefully) other vendors are soon to follow and considering how fast the prices drop these days, that's a win-win situation and would further give the programmers more freedom to focus on the denominator on the market and faster adopt to the DX9 era, which the way I see it, marks a major departure from anything we've seen before...
Rest assured, the future holds plenty of suprises for us and if everything works out as it should, exciting times are ahead!