There is great value in each of the traditional martial arts, and each continues to evolve every day. Just look at what John Danaher has done with attacking the leg in jiu jitsu.
However, at the end of the day you see fewer and fewer specialists in the UFC. And this is because of how important the combination of the traditional martial arts is in MMA. It's difficult for a world-class jiu jitsu player to take down a world-class wrestler unless that jiu-jitsu player has a certain level of proficiency standing up. A world-class kickboxer won't be able to do anything against a world-class wrestler who takes him/her down.
I think we will continue to see each distinct martial art practiced on its own for a very long time, each constantly changing and evolving. And those evolutions within each of those martial arts will naturally be incorporated into MMA as well.
So to answer the question, I do think MMA is going to be more effective, because in today's climate of fighters, being well-rounded is key. But I do think each individual martial art is incredibly important as well, because it is each of those that pushes the sport of MMA further as specialists continue to push the boundaries of their respective discipline.
Hi bowbow, the traditional martial arts are not evolving but devolving because the context that they were created in no longer exists. Modern martial arts or hybrids like mma, bjj, and krav maga are things that are evolving. John Danaher is a bjj practicioner, not a traditional martial artist.