I don't know, exactly, but I don't like the prospects. I envision lawsuits, new copyright protection laws, massive lobbying by the entertainment industry to Congress, and eventual severe limitations on our current rights and freedoms to record what we want. Another possibility would be that you could pass shows to your friends, but they'd have to pay a fee to watch the show. If that wasn't bad enough, Replay has another controversial trick up its sleeve. Now that is an incredibly dumb idea.
Television is paid for by the advertisers.
If no one is watching the ads, you can bet the budgets for your favorite shows will be cut real quick. I have no problems with advertising. In fact, I love commercials. Of course I don't want to see the same ad 50 times, nor do I necessarily want to see ads for products I don't use. If the ads aren't distinctive or interesting, I won't watch them.