Is 35mm Film Really a Dead Medium?

We live in a society that indisputably thrives on technology. Nowhere is this more evident than in the entertainment industry, especially in the film business. Studios and theaters are undergoing a rapid process of conversion from 35mm film to digital that began in 2008. Companies that used to rely on 35mm are scaling back or ceasing production of film-related products altogether. This progression of technology brings up some very pressing concerns about the proper preservation of movies that were produced before the advent of digital. Not only is the conversion from print to digital increasingly more inconvenient and expensive (making a black-and-white print costs around $50,000), it is also difficult to produce a true-to-original digital replica of the print.

Filmmakers and cinephiles are split on the relative benefits and detriments of film and digital. David Lynch is a huge proponent of digital media (Inland Empire was shot entirely on digital), and Quentin Tarantino is an adamant supporter of traditional 35mm.

The issue has been explored recently in Keanu Reeves's  2012 documentary Side by Side, which brought together modern cinematic giants such as Lynch, David Fincher, and Martin Scorsese to discuss their personal sentiments towards both film and digital (watch the trailer below).

The Atlantic, The New York Times, and Roger Ebert have all recently wrote on the subject, as well:

With 35mm Dead, Will Classic Movies Ever Look the Same Again? (The Atlantic)
How Digital is Changing the Nature of Movies (The New York Times)
The Sudden Death of Film (Roger Ebert's journal in Chicago-Sun Times)

The digital issue is one that will only become more and more relevant as technology develops at a progressively faster rate. Thus, we must be sure to take the pains to preserve the films that we have. The loss of those movies made with 35mm would be the loss of a significant part of both cinematic and cultural history.