GFWL dying is great in the long-term but crappy for the short-term. Multiplayer and online features will be permanently broken. Games that require GFWL activations will be broken. Games that use DLC from the GFWL Marketplace will no longer be able to access that DLC because you have to use an online profile to buy DLC and the DLC is forever linked to that profile, which won't be useable offline. Any saves you have with your online profiles won't be useable with your offline profiles either.
There's evidence to suggest that GFWL is going to be replaced by Steamworks in Bioshock 2, Arkham City and Arkham Asylum but I don't think most publishers are going to bother changing anything in their old GFWL games.