The misuse of "literally" will, if it becomes accepted by the educated, lead to the death of the word. If a word can have two meanings which directly contradict each other, it might as well have no meaning at all. There is no point in keeping the word "literally" around if half of the time it means "literally" and half the time it means precisely the opposite.
It is already the case that if one really does mean "literally," it's almost impossible to get the point across, because most people will assume that you mean the opposite. I remember way back when I was in graduate school and got my first stipend check, and due to an accounting error, almost my entire check of $3500 was withheld for taxes, and I got only $300-something.
I told one of my friends, "More than 90% of my check was withheld for taxes."
She said, "I know, it's amazing how much they take out, it happens to me too."
"No, I mean it was literally more than 90%."
"Same for me. Mine was supposed to be a couple thousand and they took out like three hundred."
"No, you don't understand, I mean literally more than 90%."
It was hopeless. And it has only gotten worse.
Obligatory Suns: Nash will lose out on another 50-40-90 season this year because of balky free-throw shooting, and that's sad.