Nothing new here. If you look at the underwater trail of Hawaiian islands that have eroded away over the millenia it can be seen that there are many. The erosion is inevitable. The good news that the islands sit on a hot spot that creates new islands as the Pacific tectonic plate shifts, creating new islands. The biggest fear is that the current Big island will crumble from its own size and weight, probably leaving several smaller islands and creating a tsunami. Apparently, the big island is already showing cracks. Also, the geological hot spot has shifted to a new location and has started to create a new island under the Pacific Ocean. The new island will not reach the surface for hundreds - maybe thousands - of years. Hawaii is a realtor's dreams - volcanos that create new land for sale! The older islands will slowly erode.

The U.S. Geological Service puts it best:
http://hvo.wr.usgs.gov/volcanoes/
http://pubs.usgs.gov/gip/hawaii/page07.html
http://www.usgs.gov/newsroom/article.asp?ID=3199