Be prepared to have a lot of money for the initial setup - consider it like any business when starting off. On the Sysop side - I don't think it will have a very large impact at all. From the users side - The users who do use Windows 95 in my opinion will use Microsoft Network as their primary online service. Most people log into a few online services and will keep that demand of wanting a variety of online communities to belong to. Cable networks will make it more accessible to login to online services.
Content is very important.
Interactive Web pages won't replace online services. However, a large variety of users will never have a need or interest to use the Web. I don't see any one particular format replacing another in the online world.