Marcus, I guess you're referring to my remarks quoted in comment #261 (page 17 of this thread), about strings and branes perhaps being interpreted as abstract entities living in the "RG space" of a quantum field theory. I gave some problems for this perspective in comment #271. But just to recapitulate: this is essentially a question of how to interpret the appearance of a string theory in the holographic AdS bulk of a conformal field theory in flat space. You could take the attitude that the CFT, the boundary theory, is the real theory, and the string theory is a sort of auxiliary construct, an unphysical representation of composite states in the boundary theory, in a "space" (anti de Sitter) which is actually just a parametrization of energy scale and a few other properties of the boundary states. And certainly, in many of the applications of AdS/CFT, the AdS space is treated as just a helpful construct.
If you tried to take this perspective seriously, you might conclude that M-theory is the universal theory of a very large class of CFTs, when represented in this way. That in itself is a mysterious and interesting fact - why should M2-branes and M5-branes and the rest of the apparatus show up so naturally, in the expanded holographic interpretation of CFTs satisfying a few simple properties like http://arxiv.org/abs/0907.0151" ? The fact that CFTs also define a "skeleton" of the space of all possible QFTs (from the perspective of RG flow) only serves to underline the obscure intuition that M-theory here has a fundamental relationship to QFT in general.
But if we try to limit the significance of M-theory to being a master theory of RG flow for QFTs in flat space, we run up against the problem that string theory has been defined on backgrounds other than anti-de-Sitter! For most of the subject's history, string theory was studied on flat space backgrounds, and cosmological realism has led to the study of string theory in expanding space-times such as de Sitter space. The de Sitter example is interesting, because one version of "dS/CFT" would say that time is the extra holographic dimension here (as opposed to the extra radial dimension of space in AdS/CFT) - the CFT is a timeless Euclidean CFT which exists at past infinity, and the RG flow of that theory is the phenomenological time in which we perceive events as happening! That would also mean that time exists in the holographic bulk, where the strings and branes also live; with the further implication that if we regard our everyday space and time as physical, then we will have to regard the strings and branes as physical too, and the CFT as the peculiar asymptotic construct which lives at past infinity. Though I'm sure some people would convince themselves that they had found a way to tune into the timeless pre-holographic pre-big-bang reality... :-) Of course, this is all severe speculation, about the future of physics and about how it will be received, way beyond the present state of the art.
Coming down to earth, there's the more factual question of string theory's relationship to experiment, and how that will evolve in future. Well, string theory research clearly has a broad span that stretches from high theory and the mathematical study of strings in spaces quite unlike reality, to the numerous models that are produced by string phenomenologists. Dax's implication that string theorists are becoming "ever more detached" from experimental physics just isn't true, or else we wouldn't have new papers every month trying to realize the standard model, and extensions of it, in string theory. The new data from the LHC (i.e. the complete absence of anything beyond the standard model below 1 TeV, and the probable absence of the Higgs) is first of all going to roil the waters in ordinary field theory - there will be an attempt to establish which model should become the next standard model. This will certainly affect string phenomenology, in that people will now be trying to construct the "next standard model", and it won't just be one-way traffic either, since ideas about how to break supersymmetry are greatly informed by the available options in string theory.
Just as there is a spectrum of opinions in fundamental physics about what comes next, there's a spectrum of skepticisms - some are just skeptical about string theory, some are skeptical about supersymmetry, some about the Higgs and grand unification... some about relativity :-) ... etc. In certain respects, I think the interesting question for the immediate future will be attitudes towards supersymmetry, not string theory. If the LHC shows nothing new, the skeptics who reject, not just string theory, but also SUSY and perhaps GUT, will become more vocal. We might get a few more surprising "apostates" among the "elders" of physics. A failure of the Higgs to show will in any case be bringing new theories into prominence, and a lot of people will be clamoring for attention.
I can't say anything reliable about how that will play out, but I pay attention to a few rather heterodox ideas myself, so I can at least describe my own thinking. First, I should say that the more I've learned, the more I've appreciated the logic of various "orthodox" positions. The Higgs performs a function, supersymmetry performs several functions, string theory provides a further unification and a UV completion. This hegemonic view of what's next was not arrived at arbitrarily. In any case, when I study something that's really from left field, like Marni Sheppeard's motivic twistorial octonionic extension of Bilson-Thompson's braids, I don't do it just because it's a radical alternative to the stringy status quo. Inevitably there is also some possibility of hybridization or reinterpretation of string at stake, too. If you look at the ingredients of Sheppeard's synthesis, twistors are already mainstream, motives are definitely coming up, only the octonions are a little fringy. (As for the braids, the idea that particles are "octopi in the spin foam" is definitely fringe, but you can have knotted Wilson loops in perfectly orthodox gauge theories, so there's a good chance that some of the mathematics will cross over.) It is entirely possible that completely mainstream string phenomenological models have a mathematical re-expression in terms of motivic, twistorial, octonion-valued loop observables! The conceptual revolutions internal to string theory are definitely not over; the http://arxiv.org/abs/hep-th/0111068" , in particular, remains thoroughly unexplained.
So I think one can reliably predict that the future of string theory includes further conceptual change ("M is for motive"), and changes in the focus of phenomenological work, as new experimental data arrives. The big practical question is, I believe, string cosmology, and this will decide whether the eternal inflationary landscape that, say, Susskind favors is the right way to approach vacuum selection, or whether some other approach (a set of disjoint AdS superselection sectors, corresponding to different boundary CFTs?) ends up dominating. The centrality of CFTs to QFT, and of strings to AdS/CFT duality, also guarantees that strings will remain part of physics so long as QFT remains part of physics.