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The fact that Fast has freshened up its site and decided on a name ("Alltheweb" instead of "Fast") indicates that Fast intends to let Alltheweb be more than a showcase. Maybe Alltheweb will be to Lycos, what Google is to Yahoo.
The fact that Fast has taken over all Lycos sites is not a trifle. Until recently Lycos used the old "T Rex" engine on most of its European sites.
As the ownership of the national Lycoses vary from country to country, the individal versions could choose their own search engine provider. Now it seems that the major stock holder in all (most?) of them, Terra Lycos, is insisting that Fast is to be the main results provider, mostly in order to achieve a more coherent branding.
I would expect that Fast will try to take over some of Inktomi's customers as well. If Inktomi lost MSN or HotBot to Fast, they would be in big trouble.