In reply to neil0968:
I think in part that they are a sales pitch.
I got a new mountain bike recently and having not even tried either of the "new" wheel sizes I hired a couple of demo bikes, one 29er and one 650b and rode the same trails on them. TBH I couldn't tell the difference between my existing 26in bike and the 650b (or 27.5in which is actually more like 27in) but the 29er was a whole different ball game. It was (and is) huge fun to ride, completely unquantifiable I know.
As to which will survive, in a way there's room for all three. If you are short then a 29er bike just doesn't look right - you look like a kid on an adult's bike, so the choice would be between the 26 & 27.5. As far as I can tell, the biggest uncertainty about the 29er is how strong the wheels are for hard core riders but this may be an unfounded rumour designed to sell the 650b size.
I think it's more likely to be the frame manufacturers that end up deciding which lines to produce as they'll need say four frame sizes for each wheel size - the geometries are slightly different for each wheel size so it's not a case of simply moving a frame from one series to another. Then add in the multitude of models and you end up having to produce rather a lot of different frames. Given that the modern compact road frame came about as a way for manufacturers to reduce the number of frame jigs, it's a bit odd for them to head down this route.