That any creativity and understanding will be sucked out and replaced with prompt engineering.
I still think you will have to be a good developer to understand if the solution you get is good, but is that even going to matter when you can just ask again and try again? I think there will be lots of code bases that no-one really understands, but that it won't matter much.
All of this is powered by work done by real programmers who are not getting a dime for their effort. That just seems completely unfair to me, and even more so when already insanely rich corporations like MS only stand to gain from it.
I'm not sure I want to be part of it to be honest. It feels dirty and wrong as it works now. Laws might be able to change that, but with a whole industry of giant corporations ready to fight any such laws, I'm not optimistic.