It only makes the playoffs a bit duller for Spurs fans. It will also open an opportunity for a lower seed to have a chance at an upset, which will actually add to the excitement.
Manu really brings a lot to the game, difficult to guard to stay up with, he is a real asset on offense. Not having him, puts more pressure on Parker to be a distributor and demands more of Mason than the ability to hit a long shot.
A lot of people considered SA an elite team. To me, they lost that status when they stopped competing with LA for best record in the West. I've also seen them lose games to teams that would never have beaten them in years past.
When their big three are healthy they are a very good team, but without a better supporting cast they aren't elite any longer.
I the meantime, I also think that Orlando is going to push it's way up into elite status. The Cavaliers, who handled the Spurs with no problem, were blown out a few nights before by the Magic. They have recovered from the loss of Jameer, and are healthier and hungrier than Boston and better than Cleveland.