And the uproar continues: retiring AdSense Referrals

In case you haven't heard, Google posted this in their adsense blog yesterday
Inside AdSense: We're retiring AdSense Referrals
They want publishers to believe that they are better off using cost per action advertising rather than referrals. There have been many comments to this posting. Most of the commentators seem disappointed while a few do not seem to understand the situation. Those who do not unerstand are probably the ones to suffer the most from this new announcement.

The possible implications to bloggers of no more referrals can look like this;

1. More advertising on blogs as bloggers try to make up the difference
2. Less income for bloggers as you'll only earn for actions and not for clicks
3. If you still must hit $100 to get paid, heck it could take a decade to get paid if you're only getting 20 hits a day on your blog.
4. Fewer bloggers as the incentive of earning money will be gone.
5. Flashier blogs as the new ads will be images
6. Blogs that take longer to load due to images
7. Less credibility of the blogger due to flashier and more advertising
8. Free advertising space will be given out as you place an ad on your site that probably won't generate an action.
9. Fewer advertising spots given to Google advertisers as bloggers look elsewhere.
10. Blogging as we know it could change as a result.

The number of AdSense successes- defined as earning a living solely from AdSense, with bloggers is far smaller than the number of bloggers just earning a few bucks. What's the Sense?