This is probably a sad day for the viewer, who will need to swtich URLs and inconsistent interfaces to find their favourite programmes, but does make commercial sense if the burgeoning internet TV sector is not to be dominated by a Sky-like player.
What will happen now is anyone's guess, but I wouldn't be surprised to see a number of competing EPGs presenting content from the main players. The Radio Times will more than likely extend its current linking service, the NDS backed Locate TV is also likely to become a focus, and Blinkx has an opportunity to provide an aggregated service.
However, I wouldn't be at all surprised if Hulu becomes the new gorilla on the block, replicating its huge success in the US. NewsCorp seems to have a knack in turning anti-competitive regulation to its own advantage.