Does Fantasy Become Outdated?

I recently read a blog about an older fantasy piece by Tamora Pierce (written 20 years ago). In there they commented that fantasy novels never get outdated because they're not rooted in the real world. So, what do we think? Does fantasy get outdated?

This weekend we watched Star Wars episode 1 ( I have trouble keeping these straight, b/c in my world, episode 1 came out in 1976 with Mark Hamil as Luke. Now episode 1 is Phantom Menace which is acutally episode 4, but who's to say). Anyway, we watched Phantom Menace. That movie is so removed from the real world and the themes are so unrelated to anything remotely era-specific that I don't believe it can be outdated (though the cinematography will be). Another can't-be-outdated series is Dune. And, of course LOtR is timeless. But what about more modern pieces?

I think many of today's books will become outdated b/c they're not true fantasy.  Much of today's writing is more era-specific, though it has fantastical elements. The vampire-romance would certainly fall into this category (that includes all other supernatural-romance things: werewolves, zombies, vampire hunters, angels, immortals, etc. Is there zombie-romance? How scary!)  True fantasy is set in a world totally other from ours and deals with sweeping themes that seem to be faced by people everywhere and in every time (justice, good vs. evil, love, etc). I'm afraid even my beloved Harry Potter series may fall into this group. Since the muggle world is obviously a specific time it may be difficult to draw an audience in 20 years. We'll have to see.

Are there any modern fantasy novels that will stand the test of time? What do you think?