I don't think the point-and-click mechanic is dead - I think it got stale at some point.
2D - however cool it can be used in innovative indie-dev ways (rag doll kung fu!), I think is a dead end for adventure games - there's a lot more cinematic potential with a 3D engine... but I don't think point-and-click ever got translated effectively to a 3D environment - people expect more immediacy and more cinematic, dynamic interraction from a 3D game... and point-and-click in its classic form doesn't provide that.
I think it could work - and I get the impression from Bone that they're starting to explore some of the posibilities of making the classic interface feel more dynamic and tactile...
We'll see how it goes... I think the most important aspect of any of this is going to be highly emotive, well refined character animation - Bone seems to be on the right track - I like the term "animation is worth a thousand polygons" - basically, something graphically hyperreal can look jarring and awkward (take Final Fantasy - Spirits Within), but something graphically simple and stylised can look amazingly real when animated well - barely any game companies realise this, but Telltale seem to be going down exactly this route.