Speaking as one of these "old fogeys" (34 years old) with several younger people working for me, I think we need to do exactly what the really old fogeys have done: adapt or give up. Remember email? That's the natural thing for "us" while the really old folks had to adapt to it. Many did. Surprisingly many didn't.

Now, I've got a stupid Google Talk window on the side of my screen. Occasionally one of my students uses it to contact me. I live. Likewise, my grad students told me I was an old fogey for trying to teach the students in my class how to use CVS. Now, we're doing Subversion, along with Trac bugtracking (TAs filing bugs against students' projects!), some sort of Wiki software, as well as a dedicated IRC server where TAs hang out, all to manage a sophomore CS course. Overkill? Hard to say, but the students dig it, particularly having the IRC logs show up on a web server. Meanwhile, I'm teaching the same "old school" algorithms and data structures course, not unlike what students were taught 20 years ago...