I see both growing and shrinking... I think it is important for anyone going into informatics to do a lot of research. It seems many do not and will get burned for it or take longer to get a job (as you can see often in this nursing informatics forum). I think EPIC might be a bubble because once all the hospitals are completely implemented, I see layoffs and a lot of hospitals are using temporary contractors. Major organizations more likely will retain an informatics staff but smaller local organizations will wind down after a successful go live.
Overall I do not see nursing informatics as a bubble because electronics will be the way to go regardless of economy.. It is how you re-invent yourself (going into telemedicine, research & development, RFID's and IT software like EPIC will require upgrades periodically) and what skills do you have under your belt (look at the interview questions in the forum).
The reason why I say RFID's, hospitals are losing millions of dollars in lost or stolen equipment.. It's hard enough to track down a doppler or bladder scanner in your own unit sometimes.. Look for the microsoft future vision: health video in youtube or this forum I posted a few days ago and you will see an example of a physician using a tablet to find an equipment.
Also even in Europe, certain nations are using "smart" insurance cards that wherever you go within the Euro zone you can transfer and store new information with you wherever yo go.. France for example: The French health insurance card, a smart card named "Carte Vitale 2", includes a digital photograph and other personal medical information in addition to identity elements. We need a system like that because currently at doctor's offices we often have to pay a fee to have files copied or faxed to another office so I can see a similar system coming our way in the future.
So again, I personally believe in almost any careers especially nursing, we have to keep re-inventing, keeping up with skills and updated software, new nursing knowledge, and how we make ourselves marketable.