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If things should fall into place, (and there are lots of IF's) and FAST snags a major portal, the [url="http://www.webmasterworld.com/forum2/137.htm"]Teoma ToolBar[/url] goes a little viral, and Google, keeps on truckin' there could be three major engines SEO's have to contend with. Though it constantly changes, SEO, (if it was ever fading) would suddenly be back in the spotlight big time.
Not only would it provide increased opportunity for SEOs, it would benefit searchers to have 3 different quality databases to use on a regular basis.
If Ink loses MSN, it would seem they'd be finished as a portal search provider unless they tried to create their own branded site and created a better database.
If the MSN deal was lost, there might be a mass exodus of smaller search sites and PPC engines that use Ink for backfill, resulting in even more radical changes in the landscape.
Heck, even AV seems to be picking up a little bit in recent months.
If things fall into place, it might be tough to catch your breath between the Google dance, the FAST dance, and the Teoma Tango.
I think that Teoma still needs another year to grow to maturity, though it does have the well respected Ask Jeeves portal giving it support.
As you say if Ink loses MSN then we can probably say goodnight Ink.
At the moment I think that we can forget Wisenut as a major player - their technology really hasn't been up to much.