I don't think it's the end of fine dining, but the common thread that I hear in the industry is that most cities can only support a handful of truly top end restaurants - think Sepia (which is closing at end of lease anyway because they've done it and don't need to keep on doing it), Quay, et al - because these are the once-a-year (or less) places that people choose for special occasions and there aren't enough people choosing this type of product to sustain any more restaurants at this level. On top of that, the margins are slim and the profits are often not very good. It takes a lot of people to put up food at that level, night after night, and the produce at that level is expensive. I know guys making a lot more - millions in fact - from charging $3.50 for coffees in busy city locations with only 4 or 5 "baristas" on the payroll. The margins are massive compared to food, particularly fine dining food. I think chefs that reach 3-hat status do so for reasons of personal achievement - reaching the pinnacle of their craft, etc - but once you've done that, and given the costs of continuing to do that, I think you reach a point whereby you just don't need or want to keep doing it.