Well unfortunetly it has died quite a bit. Reason being: Kids WB and 4Kids. 4Kids took it in the US, dubbed it for slightly younger audiences, and as the anime series progressed, they dubbed it worse and worse, so younger and younger audiences would like it.
As for Kids WB, the movies they 'produced' they changed for littler kids. But by the time they gave it to Miramax, Pokemon wasn't as liked anymore, so people never even cared to watch the better of the Pokemon movies.
That's my perspective, anyway.
But people like us at the PC, we'll (hopefully) like Pokemon forever.
Personally, I don't care how unpopular Pokemon gets, I'll still like it. There are a lot of shows and games that I like that barely made any money in America, but the point is, they did better where they were originally made, Japan. And so, Pokemon Yellow is like on the Top 10 highest selling video games ever in Japan isn't it? It's like a revolution over there... it'll never get old.