Something interesting that I think will come of this is that Google will no longer be able to pay companies like Apple for their default. The $20B a year they pay Apple accounts for about 20% of their net profit. I'm confident Apple will find just about exactly that amount in their books to replace that loss.
On a separate note, does this mean the end of Firefox? almost 100% of their revenue is from google paying to be the default. Will Microsoft pay anything close to that if they don't need to bid against Google for the space?