Due to the limit of only one affiliate per merchant per keyword I guess that we will see increased bid prices as every aff wants to have the only available spot. On the other hand I guess that AdSense might see some changes in income in the next weeks, though I expect it to stabilize over time.

I personally see a few ways around it:
- Set up a white label site
- Try to get better comission
- Outbid the competition till they leave the market to lower the prices afterwards to make some profit again
- hide that you're an affiliate

I personally see it as a good development and a step into the right direction. 5 ebay ads for the same keyword were kind of annoying in the past and didn't provide any value to the searchers. So wether or not Google increases their revenue I think that the searchers will like it.