COBOL is dead, dead, dead. Yes, there are people still doing it and getting good money but it is a dead language meaning nothing new happens to it.
Many languages die: it is fine.
Currently I use .NET, C#, Silverlight, Office integration, and other techs sometimes.
Yes, I have used COBOL, JCL, SyncSort, MVS, Unix, etc. but I stay moving. This is not an industry that forgives dust on a resume.
My buddy just talked to a client today that purchased a Dell with 48 logical cores and 128GB RAM for under 25K. That, and years of it, spells death for a lot of older systems (and languages) due to mainframe licensing policies.
The latest incarnation is Object-Oriented Cobol for the Java Virtual Machine. Much as we want it to be, and as terrifying as that concept is, COBOL isn't dead yet.
If it finally dies, methinks it will be because no self-respecting programmer will learn it.