I agree with you Celandine that we must wait and see. But the way you described the status of String theory is kind of an understatement considering the power and beauty of the theory.

I feel that some more qualifiers are needed when we discuss the experimental worth of String Theory!

To start with, currently String theory is the one and only serious candidate for the TOE. It is little misleading to only say that "no premise of the string theory has been empirically proven yet". A lot of predictions of string theory match the experimental data which is why some of the most genius physicists of our age are spending so much time on it. The most significant of which is the existence of Gravity itself. String theory is the only Quantum theory of Gravity; a successful union of quantum mechanics and GTR for the 1st time ever. Other features of the universe like the the matter particle family structures, messenger particles, spins, gauge symmetry, symmetry breaking, equivalence principle etc. also emerged out of String theory naturally and are already proven experimentally. The problem is that all of these were already discovered before String theory came into the picture. So we need a unique prediction by String theory that can be empirically proven.

However, to put matters into perspective: Quantumc Mechanics, today the most number of times experimentally proven theory, took 30 years for its logical structure to be worked out and another 20 years to incorporate special relativity into it. And Quantum Mechanics could make direct contact with experimental results even when it was only partially formulated. Whereas even 5/6 years ago it was thought that using today's technology we would need an accelerator the size of the galaxy to detect individual strings. Also the approximate equations that string theorists currently use are not powerful enough to work out the resulting physics fully for any given choice of Calabi-Yau shape. The good news is that after the 2nd superstring revolution some brilliant insights have suggested that the most interesting feature of String theory, the existence of extra dimensions, may be possible to prove much earlier than previously thought. If these insights are correct, the LHC can do the job. If the tiny black holes and new particles do originate inside LHC and we find the traces, that will prove supersymmetry and probably provide the 1st unique experimental confirmation of String theory predictions. This would also mean that the extra dimensions can be as large as 1/10th of a mm! The reason we cannot see them is not because of their planck sizes but because the 3 non-gravitational forces we use to probe the universe is unable to detect or penetrate the extra dimensions. Only Gravity can! And since gravity is so weak, we cannot use it effectively to look for the extra dimensions with our current technologies.

What can be the most interesting though, IMO, is that this could also prove that we are living inside a Braneworld; our familiar 4 dimensional space-time would be just the history of a three brane through time! Fascinating stuff.