Point/Counterpoint: Is PSD to HTML Dead?

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Nick Petit of Treehouse says it is.
Lubos Kmetko says it isn’t.

Both make good points. I think Lubos make’s some strong arguments in the case that Adobe isn’t going to go quietly into the night. However, I agree with Nick in that PSD web design can be restrictive.

What do you think? Is web design based on PSD dead or is there still life in it? I’d love to hear your feedback.