Mel's citation of Fokine is an interesting one in part because of his connection to Diaghilev's Ballet Russe, a company that was most definately in the vanguard of its times culturally.
There have been other times in the past when dancing has been the leader of the pack, as it were, reaching into new territories and setting standards, not just for itself, but for other arts as well. I think the English ballet pre and post WWII was in a similar position, as was American ballet in the 1950's. If you want to expand the field to include modern dance, the list becomes even longer. (Just think of Merce Cunningham)
Right now, I don't think dance holds that place. I like the image of the canary and the coal mine -- the arts in general do that for our overall culture, and dance might serve as the first indicator.
Like most parts of the country, people are cutting back and worrying about money here, but overall I'm hopeful about what's going on. I see much work that I like in a conservator role (including a lovely production of Sleeping Beauty at Pacific Northwest Ballet last week) but I also see some exciting new material that's worth supporting for itself, not just for its worth as a place holder for hoped-for future dances.