In light of the current economy, what is the fate of the public storage business?

I have always had such disdain for public storage, in general. I have used public storage during moves, when I needed a place to store large items while I found a permanent place to live, but the rental never lasted more than 4 months.

I always thought that public storage sites were a symptom of American excess. If you have too much stuff, donate it, sell it, give it away. Why would someone just lock-up a bunch of stuff they obviously do not want around their houses, for years on end? And, spend $ for a lock so no one can steal the stuff you do not want?

Is public storage on the way out?