If litecoin ever takes off (and it won't) I guarantee you will be seeing GPU and or FPGA miners. There is no such thing as a "cpu only" virtual currency. Where there is a will there is a way.
I agree with the statement 'where there is a will there is a way', however. no amount of will can make 2+2=5.
From what I have read, the algorithm for ltc cannot be done efficiently on gpu, and even if it could, it wont be faster then the cpu. That being said, if it does get done, goodbye litecoin.
I am with the camp that says ltc compliments bitcoin. bitcoin==gold, litecoin==silver. For small transactions and quick confirmations it makes alot of sense. if you want to transfer large sums of money, use bitcoin. for small transactions, use litecoin.
We have no idea where all this is going to take us, hell maybe every country will have an alt currency. chinabit, ukbit, ruc, iraqbit, etc...