LTC lost it's purpose.
Yes and no.
If Bitcoin doesn't screw up with upcoming hard-fork and increasing of the block size limit, and if Satoshi doesn't reveal himself and decide to do something funny with his estimated 7% of coins, then yes Bitcoin might be all you need to care about for the foreseeable future. But you would still need Litecoin to be that number one alternative that always takes a slightly different route just in case something goes wrong.
You know, it ain't fun having dinner alone. Bitcoin's got his little brother for that.