The short answer is ABSOLUTELY NOT.
The supposed "NY to 190" rumor was talked about a year ago but now the economy is in a rough spot that will take at least a year and a half to even BEGIN to work out of.
It'll be at least three years before we see the next pay hike. And at that point we may have lost a dozen or so of the Amlaw 100 with another dozen having merged, deparately trying to make it into the global elite (see below).
So skip ahead to 2011. At that time it will begin to be clear that we have 20 or so mega-players (global high-end work firms as well as a handful of NY firms such as Wachtell) who have separated themselves from the rest of the bunch. Another 50 or so firms will be hanging in there with mid-level profitability work (see DLA Piper and Baker & McKenzie). The latter will not be able to raise salaries, or if they do it will not match the raises seen at the elite 20.
Skip ahead another five or ten years and the rainmakers from these mid-level profitability firms will have jumped ship to the elite 20. The dust will settle and we'll be left with 20 super-power firms and dozens of national/regional firms who have lost large chunks of high-end work to the elite 20 but can hang around with the mid-level work.
In short, pick your firm wisely. If you have a choice you should choose to either be at a high-end NY shop or a large global law firm with profits per partner currently around $1.5M or more.