IMHO it's cyclical.

• Computers started out client server because of limited computing capacity
• Then everybody got a PC and for a while, physical media were faster than downloads
• Then we got oodles of bandwidth, so servers seemed practical again
• Now servers are taking advantage of the trust we've placed in them
• Next, we'll all enjoy a brief P2P revolution. Hooray!
• After that, homomorphic encryption will make servers seem appealing again
• Even farther into the future, the attacks against that encryption will no longer be tolerable

It will be decades more before humanity accepts the teachings of Richard Stallman.