re: Will Über change the modern day taxi service?

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True, but it won't ever make it's way into large markets like NYC that have the medallion system in place.

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They're already in NYC in a big way, but the market dynamics there are quite a bit different than most other places:

1. There are loads and loads of cabs already, so all you really have to do is step outside onto the curb and you can flag one down in most places in thirty seconds or less instead of contacting an Uber car and having to wait for them.

2. Spider-web of subways - sometimes a sub is easier than any car (Uber or taxi) because of the traffic on Manhattan

3. Pretty much the entire city is very walkable.

Uber has very much disrupted the market here in Chicago. It does very well here because we are a little more spread out than NYC but still very dense and only have seven major train lines that spiral out in a spoke/wheel manner from downtown, leaving a lot of dead space of public transportation throughout the city. Uber here offers all five services (Uber, UberX, Taxi, Black, and SUV). The Chicago Uber model is probably the model of the future - the taxi companies and Uber are in a more symbiotic rather than adversarial relationship. I'd bet that the taxis affiliated with Uber here are making more money now than they were before.