We kept some of my favorites around for my own kids. They enjoyed
Blueberries for Sal and
The Big Brown Bear just like I did. That said, they especially loved the books with art that really made the story -- the little platypus, for instance. My son liked books he could easily 'read' (ie, memorize), therefore the short texts made him happy. He was 'reading'
Don't Let the Pigeon Drive the Bus by 2. My daughter, otoh, never cared much about the texts at all and preferred to look through the books and come up with her own stories based on the art.
Both are avid readers today, and both can sit and read for hours at a time...so I'm not sure what that says. When I look at their friends/classmates, though, I guess the implications come through a bit more. At my daughter's age (going into 6th grade), most of her classmates are still readers; but for my son (who will be an 8th grader), most of his peers have stopped reading for pleasure (especially the boys). Is this tied into the shorter texts of their picture book days?

Certainly the vast influx of video games have influenced the boys...if they can't be outside running around or throwing a ball, they're inside on their gaming system (or on their phones, using Instagram or texting).
I would say that my opinion is that picture books which can entice children into the world of imagination and story building (however they do that) are going to be incredibly valuable as we go into the future...and since I love the complexities and magic of language, I'd probably say that longer texts could fill that need in a way that nothing else can. I guess we'll see...