Packs would still be cheap. Inserts would have decent value. There would be still be 10-12 cards to a pack. People would still collect base cards and put together base sets...blah blah blah...
I really don't care for the 'game used scrap' cards. So, that makes it tougher on collectors like me who don't want to spend a premium on packs just to chase the base and inserts to get plenty of varied player cards for a particular team (ok, I do like the auto cards
) On the plus side I do get a good amount of base sent to me for (practically) nothing by the collectors who do chase the GU stuff...that's cool. 
On the other hand, I would love the chance to pull a redemption for a game used jersey/stick/puck that was in one piece...so I guess personally, I just think it's lame how they went about it--cutting up all that great memorabilia, particularly the vintage stuff...
But, what ya gonna do???