Do you not think a similar thing was said when Cobol came out and young, new developers started abandoning assembly? I don't think being disappointed or scared is necessarily the most reasonable reaction to have in light of the fact that this is just the way technology works. And in the end, it probably is a good thing.
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Except Cobol didn't suddenly gain a lot of popularity after C++ was well established. There are plenty of languages even more abstract (and I would argue easy to use) than JavaScript, some of which don't sacrifice nearly as much performance.
The movement to JavaScript is a product of web developers branching out into other areas (great!) without taking the time to learn another language (not so great :/). I don't think performance is an end in and of itself, and I don't turn my nose up at picking a technology because developers and expensive and processing power is cheap, but I still think writing everything in JavaScript is a step backward.
edit: Accidentally wrote developers are cheap and processing power is expensive :P