I think that's a fair description of what is happening in analytic philosophy. I'm not so sure about continental philosophy. There are, it seems to me, roughly two varieties of philosophical thought:
- Concept clarification
- Concept creation
The first variety is certainly forced to eventually, as you out put it, 'reconcile [its] theories with mankind's great body of knowledge from other fields.' If a concept has been adequately clarified, then it is no longer up to philosophers to tinker with it. Consider for example how Newton's insights eventually led to the dissolution of so-called 'natural philosophy', i.e. of the idea that philosophers ought to come up with (philosophical) theories explaining the motion of heavenly bodies and so forth. Or, similarly, how after medicine began to establish how our anatomical features explain our movement and activity it was no longer up to philosopher's to explain the locomotion of corpora. I think it is fair to say that philosophers of physics these days are pretty much on a par with physicists as far as theoretical knowledge is concerned - it is impossible to cogently engage with e.g. Quantum Field Theory literature if you're not fully immersed in the formalism that surrounds it (cf. Hans Halvorson.) And that definitely confirms your intuition that a philosopher of X can only be a practitioner of X. Crucially though, that doesn't mean that this will be possible for all X. And this leads us to (2).
On the other hand, therefore, the concept-creation side of philosophy (i.e. (2)) seems to be unaffected by any possible advance in empirical disciplines. Unless humans attain a kind of omniscience about the universe that would on all counts stretch the limits of plausibility, there will always be space for the creation of new concepts to conceptualize our current state of knowledge. And that, being as it is inherently philosophical in flavour, cannot, it seems to me, ever come to an end. In short: even if you think that you have uncovered all possible true sentences relative to a certain (fixed) vocabulary, that doesn't mean you won't be able to invent new vocabularies - thereby allowing yourself to say new things. This kind of philosophy, I think it is fair to say, will never end. And since philosophy is partly this kind of conceptual creation, it is also fair to say that philosophy itself will never end.