There are certainly downsides. For example, it can lead to various unrealistic expectations concerning looks and predilections of a partner.
But my understanding of life, the universe and everything is that porn serves to fill a much needed role in basic sex education that we have yet to find another way to fill. Furthermore, comments here suggest that bringing back NSFW Tumblr will be different from actual commercial porn. The manner in which it is likely to be different is likely to be a positive antidote to some of the problems porn does have.
NSFW Tumblr is likely to be ordinary people expressing themselves without looking or acting like porn stars. It is much more likely to provide realistic expectations for what a partner is likely to look like, as well as serve as a space for personal exploration for sexual expression.