I was very intrigued by the whole debacle, and was actually quite hoping that FOTA would do this, if only to see how the FIA reacts... Oh well, even most of the teams have left, I don't think the actual racing drama will change that much. Sure some of the media will stop their coverage of F1 due to all the big names going, but as long as there is good coverage of both, this can only be a good thing to enthusiasts. Besides, if the new FOTA series can make everything cheaper (due to the fact that a big chunk of the money doesn't have to go Bernie's way anymore), then isn't that great for all involved?
And here's a very very interesting point to note: The first ever Formula One Championship race was held at Silverstone exactly 50 years ago. Seems like a very appropriate way to bookend Formula One's history, if you ask me...
http://en.wikipedia.org/wiki/Formula_one#History