If there are gulfs between older and younger professionals, factors such as major cultural events, the perception toward government, the composition of the family reality, and the prevailing business myth and reality as they come of age play as great a role in shaping worldview as does a person's specific technology exposure. As we've seen en masse out here, growing up playing computer games doesn't mean you are adept at building businesses or relationships. No, I don't believe communication as we define it is a lost art, but there may be the threat of erosion if not an actual erosion. I think that the perceived erosion of skills is actually an erosion of the level of care people have about others - a much more significant issue. One issue is that, as the use of and fluency in communication technologies increases, other-focus, mindfulness and interpersonal skillfulness seem to decrease.
People get more brusque, more impatient with one another.
There is less silence, fewer moments with no intrusion. Concerns about uncivil or inappropriate behavior increase, both within and outside of the workplace. I don't believe this is coincidental. Another key issue is that technology is one medium of communication, it is not synonymous with communication. Because you send an e-mail or create a web site or host an online conference doesn't mean you've communicated effectively or even used the various media effectively.