It's absolutely a good thing. I think the likelihood that the ORC will result in ash RPG durbatulûk is actually pretty slim. I believe, at least, that the ORC is important because the most important thing the loss of the OGL is taking away from independent creators isn't the D&D SRDs, it's a common license.But, I don't think that seeking an alternate creative commons or ORC or any other idea that's been proposed which will basically allow the industry to continue to prop up some version of D&D as the dominant product in RPGs is really the best idea. Perhaps if everyone who was going to make 5E products instead made something else, it would lead to more variety in the hobby. And it would also, perhaps, force WotC to be more creative themselves. Like they won't be able to rely on the creativity of others along with their market position to do the heavy lifting.
Maybe that would all be a good thing.
There's a ton of open game content licensed under the OGL that isn't owned by Wizards, and the deauthorization immediately makes that content closed right along with the D&D SRDs.
Individual publishers can and will re-release their proprietary open content under a new open license, but unless everyone does that under the same license, it is going to shatter the web of interdependency that the OGL supported and erect barriers to collaboration and the sharing of ideas. That, not D&D compatibility, is the biggest casualty here.
So what the ORC facilitates is that interdependency. Some roughly D&D-compatible SRDs are inevitable, but there's no way we all agree on one, and that's fine. There will be dozens or hundreds of SRDs, each doing their own thing, with their own strengths and weaknesses. And they'll recombine with each other under the ORC, and a bunch of games with shared or similar mechanics and rules will be produced from which each of us can pick and choose one that best fits our table. Or design our own.