People please, why all the drama? When it comes to "environmental impact" the numbers can be cooked to show whatever you like, there is no "one and only" accepted method of calculation. For example I can show you that plastic bottles are better than glass, or the opposite.
The underlying problem is simple, the planet is a closed circuit system, everything we do stays here. The goal is to not make it poisonous and uninhabitable in the long run, and that means keeping things contained and reusing the same materials over and over.
The economics depend entirely on the price of raw energy, and at the moment oil is cheap enough to make most recycling unprofitable. But, if we do not invest in commercial scale recycling technology the future inhabitants will not have a head start when the need truly arrives. When that time comes todays landfills will be treated as raw material mines. How far away that moment is nobody knows, but our goal should be to make sure there are still people on this planet when it does arrive, and that those people have the technology to survive.