I guess the only concern I can think of is that if the majority of content submitters are angry, they may become less involved, switch to being commenters/lurkers, or move on to another site entirely. If the content diminishes, then the users might frequent the site less or look elsewhere.

I'm not trying to make any predictions of doom or anything (frankly, I think this kerfuffle is just a flash in the pan), but an unstable community can have an impact on the majority of users if enough people get fed up.