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There's some other stuff that's going to change about Pirate Bay too, but they're all unimportant. Pirate Bay as we know it is dead, since they're going legit. They have already started moving torrent trackers off of the central servers. It's the end of an era now.
The Hollywood and music industry fat cats have won. This isn't about the people who make the music and movies that are pirated, since they get paid relatively squat compared to how much money is made by the companies that own the distribution rights. And let's not mention the fact that the entertainment industry will once again see no reason to change it's outdated physical media distribution methods and its stupid DRM-protected online media.
Long story short, the rich will get richer, and we'll have one less place to grab our media. Farewell Pirate Bay, you guys were awesome when you were around.
Sources: Gizmodo Joystiq