Will Semantic Language Replace Keyword-Based Content

The race is on for semantic language search. Already, some search engines are employing this technology. Google is one of them. But will semantic language ever replace keyword-based content?
First, let’s define semantic language indexing. This is a form of indexing that allows search engines to determine what a web page is about just by looking at other elements on the page. Usually, related words and phrases will give clues. For instance, if you are writing about screwdrivers then the search robots will be able to tell whether you are referring to handyman tools or mixed drinks based on the rest of your content. Do you mention orange juice? How about ice cubes? Then it’s mixed drinks. But if your web page doesn’t contain either of those two phrases but does use phrases like Phillips and “flat head” then you’re talking about tools.
Google, and a few other search engines, are already doing this. But will this ever be the norm or will keyword-based content always be necessary?
Some people are trying to push for semantic language to be the primary indexing technique because it will eliminate spam. Supposedly. But I think some aspect of keyword-based content will always be necessary. You will always need to ensure that your content uses keywords that are related to your subject matter. No matter how adept the search engines become at semantic language, keywords will be a help, not a hindrance.