Is PHP a dead end?

Recently I'm observing how JavaScript grows as a backend technology also I see the slow decline in number of new projects based on PHP. Based on my observations I will try to answer the questions: are we in the wrong boat? Is PHP dying? Is PHP the COBOL of XXI century? Will PHP be marginalized as Perl? I will be talking about: - What PHP is good at... - What PHP is bad at... - What is the possible future of PHP - Should we encourage (and if yes how) newcomers?