I think it died even before '94. It had started falling well behind by 1992. The Amiga section in 'Game' was shrinking on monthly basis, and was down to 2 shelves by then after previously having been an entire wall, the multi-format mags' Amiga coverage had gone from extensive to almost nonexistent, software publishers were leaving the Amiga in their droves, but mostly it had lost it's status in the eyes of the public. It was no longer everyone's dream machine. Games players now wanted a Megadrive or a SNES and the few serious users were looking more and more towards Mac and PC.
I don't think there has been another case in the history of home computers that a machine has been released that was so massively head and shoulders above anything else available at the time. It quite literally blew everything else out of the water, nothing could touch it. It was on the cover of all the computer magazines, there were news items about it on the TV, the press were raving about it, everybody wanted one. That C= managed to screw things up so spectacularly is incredible. They really were a very special kind of stupid.
No, it won't come back, ever. I came back to the Amiga scene in about 2001 or so after I heard about this 'new Amiga' that was right around the corner and I'm still waiting for something worth buying ten years later. The best thing to rise from the Amiga's ashes in the last 20 years has been MorphOS (in my opinion), it's the only thing had has really made me think 'wow' the first time I used it.