ETC is just the original Ethereum chain for the people who disagreed with the hard fork. I think it will survive as there are quite a few people who did not like the hard fork at all as it goes against one of the core principles of a cryptocurrency. I'm not much into Ethereum myself but maybe I will buy some ETC now as a vote of support to keep the original chain alive. 
This!
ETH -now-, is the hard forked Ethereum. ETC is ETHClassic (original chain with many many many "rightfully stolen" coins). ETC dropped to nearly 1/100th the price as ETH last night. I considered buying a few BTC worth just because, but felt it was too uncertain what would be the final outcome... Missed out on a quick 6x in the process, but I would definitely support ETC before the new ETH for reasons Miz4r said above.
There should be no faith in ETH. When you become complacent and support a coin that forks anytime something doesn't go how the devs planned, it makes it no better than fiat. For example, VB and friends had a financial incentive to hard fork ETH. If they didn't lose out on a bunch of "money", they never would have forked it considering the ETH code wasn't at fault for the DAO losing an ass load of coins.
Edit:
This really belongs in altcoins or coins that have no future sub fora
