I don't think so. While I don't know of anyone who plays it here in Baltimore MD, I personally plan to run a game either at Historicon or Fall-In. I'm collecting War at Sea minis too and I have a decent sized collection now for fighting around Guadalcanal, hunting the Bismark, and going against the Graf Spee (which incidentally gives me some British ships for actions during the Dutch Indies actions too! Gotta like that).
I like VaS's easy to learn system. It puts naval gaming into reach for guys like me who have only a passing interest in the subject. I just want a quick, fun game... I don't care whether or not turrent X is stuck in some odd postion!
Anyway, a game is only dead if people don't play it.