I agree with you, zvezda, in that an ETOPS-300+ will have a huge impact on A340 sales (outside of those airlines wedded to Airbus for political considerations).

The 7E7 will be the weapon Boeing can best employ against the A330, but I would not be the least bit surprised if a less-powerful (but more efficient) version of the GE90-series with ETOPS-300+ certification will be the engine for that model. The 7E7 I imagine will become the preferred aircraft across The Pond (with the A380 for the high-density routes) while the 777-200LR/777-300ER will dominate the Pacific.

As for the 747, her days are numbered, as is. I imagine Boeing knows the 777-200LR and 777-300ER will replace her in the sub-500 seat market which is why they are pushing for ETOPS-300+. The A380 will be there for those flying lots of folks long distances (though I suppose we could see 800 all-Y versions for the Japanese and Chinese home markets *shudder*).