There will always be a place for GSHP, but that place isn't necessarily going to be high-R new construction. Heat pumps (all types) now comprise something like 40% of the residential heating market in Sweden, according to an RMI document:
http://www.rmi.org/PDF_heat_pumps_an_alternative_to_oil_heat_in_the_northeast I'm not sure what the market share for ASHP is in Sweden, but my understanding is its a mostly GSHP show, averaging over 25,000 installations/annum (about 1/4 of the annual total installations in Europe in recent years) in a country with a population a small fraction the size of the US. The hydronic ASHP market share of space heating in Sweden appears to be 33% to GSHP's 67% share in 2007, up from a 25%/75% split in 2006 , looking at tables 2 & 3 in this document, (that I have yet to fully read):
http://www.ehpa.org/fileadmin/red/Heat_Pump_Statistics/European_Heat_Pump_Statistics_2007.pdf It's not clear of ASHP has continued to gain share there since.
The groundwater temps in Sweden aren't all that different from US climate zones 5-7, which presents some performance issues in the cold-dirt north:
http://www.gns.cri.nz/content/download/6905/37729/file/Swedish%20Ground%20Source%20Heat%20Pump%20Case%20Study%20%282010%29.pdf Swedish electricity prices are higher than US pricing but not the highest in Europe, at about 20 Euro-cents per kwh, (about 26 US cents at today's exchange rate) and probably not the total driving factor behind GSHP over ASHP sales there.
(edited to add)
Sweden is an interesting case, since as I understand it, their codes related to a building's energy use is only the result, not the method. Unlike the IRC and local codes there are no prescribed maximum U-factors or minimum R-values, no minimum efficiency of mechanical systems, etc, only parameters for how much energy the building uses, leaving it up to the builders, engineers & architects to meet the spec, which must be verified & remediated if necessary after the fact. This gives the engineers & architects the freedom to come up with the right mix of building envelope & mechanicals, but also puts the onus on them (as well as on the builders to properly implement the design). If it's more economic to spend more on the mechanical system than the building envelope (or conversely), that's up them.
Sweden has gone from a nearly all heating-oil fueled heating in the 1970s to an overwhelmingly heat pump + district heating mix in only 40 years. With their newer somewhat unique building energy codes, the trends there are worth watching, since it's likely to tip towards a lowest-cost mix of solutions for their climate, which is relevant to the colder half of the US and most of Canada. It's certainly relevant to a Chicago climate, which would be comparable the warmer edge of Sweden, say, Gävle or Uppsala, from a wintertime outdoor temperature point of view, but not from a cooling season perspective.