Another worry is if this happens (which will lead to GA being the only source for accurate search term data and in turn GA growing very rapidly in market share in the near term future) that google will use this for negative SEO.
We know from an earlier webmasterworld.com thread that google is using GA for determining SERP penalties: [webmasterworld.com...]
A 'super GA' could be even more dire for webmasters trying to do link building or SEO in general. Could google do an 'audit' on any user that searches for 'link building' or any number of 'bad neighborhood phrases'? Then they go through the sites you visit, the sites you own, etc...? In theory, they would have a lot of information to use for anti-seo if they so wish to use it.
Perhaps one hope is that the Urchin team of google (google bought out Urchin) will squeal that this will mean the end of their service (which they actually sell) and hopefully the left hand of google can stop the right hand from doing too much damage.