Collapsing vocabulary

Eric recently had a post that generated a lot of comments about how the spelling of various words in the English language has changed over the years. One thing that drives me batty is the number of people who don't know (or, perhaps more accurately, can't be bothered to account for) the difference in meaning between "your" and "you're", or between "there" and "their" (and possibly even "they're").

Will we see these different words disappear over time, so that there is just one spelling with all of the above meanings? You pretty much have to be able to deduce the intended meaning of the words based on context anyway, since so much of the stuff that gets written today gets it wrong (especially on the web, in e-mails, and in software specifications :-)).

(P.S. I blame any spelling or grammatical errors in this post on the Tablet PC's hand writing recognition...)