Personally, I think things will be pretty fun when blockreward of bitcoin halves in a few days and blockreward of litecoin doesn't.
What are you expecting to happen? I expect that miners will switch to mining litecoin and then quit or switch to other coins as the difficulty rises faster than the price. I expect the price of litecoin to rise gradually simply because of the increased attention.
There's a few competing factors to determine which way the price will go.
The extra attention is definitely one pushing upwards.
But on the on the other side most of those new LTC miners are going to want to sell whatever they mine for BTC - meaning a higher proportion of newly mined coins will be sold rather than held. That's a downwards pressure.
Historically the LTC/BTC price has remained in the rough area where mining either is of approximate value. If mining BTC is going to halve in value (in BTC) then some drop in LTC price is likely - though the recent fall has possibly already gone a fair way to delivering it.
If BTC rises in price vs USD when block-reward halves (likely - as cost to mine 1 BTC will double) then that ALWAYS has the effect of raising LTC/USD and lowering LTC/BTC (due to the arbitrage that occurs) unless some other factor has a large enough impact to make that invisible (absorbed).
The really interesting situation isn't when BTC block-reward halves, its when ASICs hit BTC. At that stage LTC will become pretty much totally decoupled from BTC in terms of the earning power of hardware - as there won't be ANY hardware that can usefully mine both for comparison purposes. It's anyone's guess what will happen then.
but if its not then meh... we all had fun right 
