The vaulter would probably still be good for page-filing and other buffer style work, not large file transfer but lots small I/O transfers.
CF has been pretty good for a few years with the 333X professional stuff like that I used in my borrowed cameras, in 2007 though they just pushed the write from 40MB/s to 45MB/s after being stuck there for a while. Read has been above 50 since about 2005 IIRC.
They are supposed to be pushing the spec out again for HD flash camcorders and for the large format cameras like the Hasselblad & Mamiya & Rollei.
The major problem is that USB 2.0 and Firewire are to slow to take full advantage (with their theoretical maxes being below 60&50MB/s respectively), and with the low adoption of FireWireB/800, it's this question as to whether the format would be able to trickled down to the masses.
The thing that makes me laugh is that I doubt anyone cares about slow read time as long as the camera can capture at full speed, if it transfer to the computer at half speed that likely isn't as big a deal, because usually people can walk away and have a coffee or work on something else.
Anywhoo I suspect we'll see SSD push even further past CF and all, right now I think CF's major barrier is the whole interface issue, which just should be an issue, especially since proffesionals would easily spend some coing on an ExpressCard or PCIe based read if it mean faster speeds for them.
However I suspect 333X will be the max we see in 'retail' memory cards for a while. I just wish SD would catch up to CF and MMC+, if MMC can do it SD should be able to, but first it takes a spec revision.