Slashdot links to a National Bureau of Economic Research paper saying that China will lead the world in science and engineering . Obviously, the sheer size of China and India implies that if they built up like the United States, they wouldn't just have Caltech and MIT but, wow, tens of such universities.
However, that's a BIG if. Even a brief look at Simon World reveals all sorts of growing pains. It even seems a bit of a stretch to think that the Chinese technological edifice will have the same priorities as the current America-Europe-Japan juggernaut.
So I don't think the sky is falling, not nearly yet, although any alarmism designed to increase US science efforts is ok by me. The Slashdot crowd seems a bit more accepting of the paper's message.