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It might as well be the end of the world for Verizon... Tethered data built into the OS.
A potential PR nightmare either they will take out the tethering which will really piss off users or state that you have to pay more to use the feature which most likely they will start tracking usage and charge you more if you don't have the tethering plan.
That brings up then a slew of legal problems considering contracts.
There would be the third option that they would just allow use and not ***** about it but with Verizon I find that highly unlikely but Android on Verizon was a welcome surprise to me as well considering the way all of my phones in the past were so "locked down by them.