There will still be a major need for live, real-time delivery of live news and sports programming.
But for entertainment, I could see a swing back to live (or at least more interactive programming).
One bold prediction I'm going to make: I expect that ABC, CBS, and NBC will all reduce prime-time from 22 hours a week each to 15 hours a week each (except for some sports events) within the next couple of years (although I don't expect any of the three to do it this year, 2013, it could happen in 2014 or 2015, with whichever of the three is in "worse" ratings shape doing it first, likely to be followed quickly by the others).
The 10-11 P.M. ET/PT hour will be handed back, but in return, I can see ABC, CBS, and NBC reclaim the 11-11:30 P.M. ET/PT half-hour, with the "big three" giving back a half-hour very late at night to the local stations.
This way, late local news would come on an hour earlier on ABC/CBS/NBC stations than it does now, and except for the smallest markets, be a full hour instead of the 30 or 35 minutes stations now offer.
Under such a plan, a lot of people win:
Networks Win:
(1) By having seven fewer hours of prime-time programming a week, there will be fewer commercial spots to sell (which means each spot will sell for more money) and with fewer hours of programming, less to spend on the prime-time broadcast week.
(2) Late-night shows would start 30 or 35 minutes earlier than they do now, which would mean more viewers, and again, higher spot rates.
Local Stations Win:
(1) Local stations (except in smallest markets) would probably expand their late local news at an hour.
(2) With more spots to sell on a newscast airing earlier, and more people may be watching a late local newscast on an ABC/CBS/NBC affiliate at 10 than at 11, stations will be able to make more money on late local news.
(3) And I suspect that in medium and large markets, the added cost of expanding the late local news from 30 or 35 minutes at 11 to a full hour at 10 is minimal. This will be pure profit.
Viewers Win:
(1) Viewers will get to sleep earlier having been able to watch a full hour of late-evening local news at 10 ET/PT on an ABC/CBS/NBC station.
(2) The late-night shows will gain new viewers (especially in the Central and Mountain time zones, since Jay Leno, David Letterman, and Jimmy Kimmel would say "Good Night" at 11 P.M. CT/MT) with the shows being on earlier.
The only real losers: Fox, CW and My Network TV affiliates who run late local newscasts at 10 P.M. ET/PT. But these stations could push their late news back to 11 ET/PT ("You Want 11 O'Clock News? You Get 11 O'Clock News---And A Full Hour Of It--Every Night On Fox 25!"), and carry sitcom reruns between 10 and 11 P.M. ET/PT against the expanded-and-earlier late newscasts on ABC, CBS, and NBC stations.