I am very upset about the potential loss of keyword referrer data. I too use the referrer data to refine my landing page based on exactly what the user wants. When this data is gone, the user experience on my site is going to suffer.
For those people who are running adwords, this also hides traffic sources, especially via the search partner network or content network. We aren't going to be able to help Google police PPC fraud or lower quality adsense partners, which in turn will lower the quality of the Google experience.