Public opinion in China re: Google is very, very much sided with the Chinese government - people in general believe Google to be bullies pushing their American-style beliefs down their throats, and the people I've spoken to almost unanimously think that it's about damned time Google left China.
If a few key people are arrested/charged for conspiring to violate the law, it would be a major PR victory for the PRC domestically ("government stands up to Western bullying tactics, no safe refuge for collaborators" and the such), not to mention potentially warding off other companies trying to make the same stand.
Interesting times.