I personally do think it will happen. Not sure how soon. You can see the structure for it already being put in place. Europe seems to be the hub. A global financial system will be very important. Because once people taste freedom to buy, sell and own "things" they want more. Russia, China and India are good examples today.
I understand the reasoning behind the movement. I just don't think it makes sense. The biggest effort is world peace. Forget it. If people who look alike, speak the same language and live next door to each other (like my neighborhood), can't get along, how are they going to get along peacefully with all the other factors added in? Here we are in 2007 and as close to global integration as we have ever been, yet the world is far more violent than any time in recent history. I can see a world military force in place but that is dangerous, regardless of the built-in protections. Either way, my viewpoint of a world government is that a few power brokers will control the masses. Very little representation.