Was Nietzsche right? Is God Dead?

I do not mean this in the literal sense of course. I mean it in the sense that Nietzsche meant. That is, is the idea of God dead? Has the loss of this idea given way to the loss of the value system based on the belief in God? Do we need a new value system, and who or how is it to be created? Nietzsche foresaw the ascendance of the Ubermensch, or "superman", a class of humans who would define the new system of values. What do you foresee? Or is God not dead at all?