I think one of the older studies delved into the demographics of individuals switching between faiths in detail.
Some of what you're seeing instead is that the youngest cohort is the least protestant, while the oldest is the most. Project that out 5 years with new young people and a loss of older people, and just constant percentages in each cohort makes a dent, though I'd guess that there must be some switching as well, for such a large jump in the whole population.
Catholic membership across cohorts is relatively constant, so it doesn't show that effect, but white catholics are disappearing, while hispanic catholics grow to keep the overall numbers constant. So white catholics are likely leaving too.
That is correct. Here is an article based on that earlier survey which includes a cool chart of faith switching. A plurality of "nones" were previously Catholic.
A new study by the Pew Forum on Religion and Public Life [executive summary; full report; New York Times cover story] found that 19.6% of adult Americans answered a question about their current religion by saying they were atheist, agnostic or “nothing in particular.” In 2007, the figure was 15.3%; in 1972, it was about 7%.
Some relevant quotes from the executive summary: