the only way I can see that it can survive and flourish is if Qt becomes a separate business entity once again, but because Nokia LGPL'd it, it's going to be a much harder sell for the commercial licenses.

The Foundation has a license agreement with Nokia. This agreement ensures that the Qt will continue to be available under both the LGPL 2.1 and the GPL 3. Should Nokia discontinue the development of the Qt Free Edition under these licenses, then the Foundation has the right to release Qt under a BSD-style license or under other open source licenses. The agreement stays valid in case of a buy-out, a merger or bankruptcy.