I argue that the situation with the standard model is similar quantum electrodynamics in the 1940's. There were some ideas (e.g., Born-Infeld) that the divergences of electrodynamics should be cured by changing the laws of electromagnetism, Maxwell's equations. Instead, Quantum Electrodynamics kept the basic laws but profoundly changed out theoretical understanding of them, and dealt with the divergences through renormalization. The hierarchy problem in the standard model will be similarly solved by advances in renormalization theory.
Of course, eventually the basic equations of electrodynamics also changed, with the Glashow-Salam-Weinberg theory of electroweak unification. Such modifications of the standard model will happen also but not before 2015.
Challenge S. G RAJEEV to a bet on this prediction!