I am very very very pleased with the news.
In fact I was expecting a move like this. I was writing about this option 5 years ago. If 1 or 2 companies with the necessary funds use the OGL at this point they may anchor the standard system for D&D-like worlds to 3.5 (and the 4.0 will be just another RPG system).
I am not saying that the 3.5 is the best system in the world. But, the companies could make corrections, adaptations, polishing, tailor the rules to worlds etc and, at the end produce Worlds, Adventures, Campaigns, optional add-ons, alternative options etc and not re-publish all the standard material.
I am not saying that I like the rules for grapple. I don't like the game beyond the 10th-12th level too. But, I don't like to hear the people in WotC advertise all the weaknesses of the system. Personally I don't see anything that couldn't be fixed with a few updates.
The 3.5 is a really flexible system. In my opinion it deserves to become the standard. See for example: there was an adaptation of the 3.5 to Conan RPG.
I recall that someone in WotC admitted that they didn't like the way that the other companies exploit the OGL. I am sure that the next OGL will be much more restricted. The opportunity for all of us to get an open standard for RPG D&D-flavor worlds is NOW.
And let me say that if 4.0ed don't have the success they want between the WoW players, I wouldn't bet on its future. Hasbro could just sell it to PAIZO.
Dimitris