My first reaction to this is: walled garden. The rules are going to be more strict. There is less possibility to create and maintain your own app, and if you can you have to comply to strict rules. Apps are not allowed to change the timeline. Pictures can not be detached and Twitter may no longer be used for 3rd party applications.
Is this a bad thing? Yes, for hardcore users it is, but the mass won’t care I think. 0.01% of the users is making 110% noise right now. But in 6 months, when everything is settled, we won’t remember what happened anymore.