Is the exact match kw's loosing their value?

[zeus]

Well your thinking is not wrong. The more Google will evolve into a Q&A site the more it will understand the search query.

Although exact match kw's are never going to loose their importance. Its just that they will be dominated by the advertisers who are bidding for them. Getting ranked for them will be very hard which in turn will direct more, the users to use ads.

And God knows how Google is going to rank pages in the future if they don't consider links as a ranking factor.