it takes a lot to run a 800 passenger aircraft. you think boarding a 747 takes time, this is going to be a nightmare getting people and cargo on/off. as some news reports state, a lot of airports are making changes to accomodate the number of people and support this beast will require, but few are there yet.
The plane is supposed to be more fuel efficient and cheaper to operate then a comparable 747, but I think it will take time to get to that point. Selling 800 seats on a plane is not that easy to do, so I'd imagine some seats will go unused or planes will be configured to hold fewer passengers thereby increasing the $/passenger mile.
As far as demand goes, there are 125 or so firm orders for the plane. That's not bad considering it didn't fly until today. Most of these orders as far as I know are from asian countries although I'm sure the european countries will support their own. Flight prices may go down, but so will travel options as more flights by smaller aircraft are swollowed by a single flight by a larger aircraft.
I think the Airbus will have its place, but I don't think the 747 will go away too soon.