Dear god if Mr George goes through with this, we may see the end of open wheel racing in the States (major I mean). For me that would be terrible.
That would be terrible for the USA, but might be a good thing for F1 if there was no open wheel series in the States. I mean I started watching F1 when CART fizzled out, all those fans would go to F1 too because open wheel fans hate nascar!
I would love nothing more than to see the IRL fail... only if another series sprung up.
Tony George - the American equivalent of Bernie Ecclestone. 
Nah he's worse.
Bernie KO1 Tony George though. He gave him the middle finger and took F1 outta Indy...
Bernie does do stupid things, and is extremely greedy which is taking its toll on F1. But at least he hasnt
ruined F1.
Look at Tony George. He's greedy, stupid, and his ideas for the "new" IRL are basically pages right out of the old CART book. He has completely ruined American open wheel racing, all because he wanted complete power of the series. He finally did it, but it took 12 years and with it, almost no fans.
He destroyed a great series that had
real fans,
awesome tracks,
great drivers,
beautiful cars, and best of all,
competitive, and close racing. Everyone loved CART. Hell, even some Europeans liked it compared to no Europeans liking nascar.