I think the internet won't save short film in its present form, but will open up a new venue for budding filmmakers. Internet series are the calling card projects of the day, filling the roll short film held for 50 years.

The main problem facing short film online is that by themselves there isn't much to build a site on. Its a issue of packaging.

Experiments like http://www.Rootclip.com and others are helping create a new generation of filmmakers. And with cameras like RED bringing innovation to digital, there will be a new generation of guerilla trained filmmakers - much like many of the photographers who emerged decades ago. Sure, RED is expensive now, but as the innovations trickle down, you will see that tech in almost all the cameras moving forward. Then just see what happens to indie film.