If handled well, a community would blossom around "NT," with multiple "unofficial" distros (maybe one with full POSIX compatibility), and lots and lots of happy developers. If things went really well, they might even achieve the resources necessary to create Windows Phone 2.0.
Microsoft could still make money from consumer/enterprise support plans (i.e. AppleCare), and via commissions on sales in the Windows app store. And an open-source Windows could lead to growth as a cloud OS, driving revenue for MS Azure.
Open sourcing the Windows kernel would be the ultimate culmination of Microsoft's turnaround, and IMHO a fair penance for evil deeds past. Nothing could do more to invigorate the open-source community. I would be so delighted I might even start to use Bing! It's never going to happen, but it is a very pleasant dream. Far better than "One Kernel to Rule them All!"