I'm going to come at this from a few different angles.
1) I'm withholding any real judgment until we have not only more details, but details directly from the source. Until we hear directly from WotC, I'm treating this as incomplete rumor, like anything else.
2) I certainly hope that, if there are restrictions, they aren't
too limiting. While I'd like to avoid a glut, there are quite a few "small" companies--Inner Circle and Bad Axe, for instance

--that I'd like to see able to operate as freely as the bigger names.
3) However,
that being said...
I don't like the idea. While I'm "just" a consumer, it's the principle of the thing that bothers me.
Let me get this straight... Wizards of the Coast is allowing other companies--competitors, small as they may be, in a niche market--use WotC's proprietary material.
Without cost. It's a move that, until 2000, was absolutely unheard of in the industry in any meaningful way. It may be a move that benefited WotC, but that doesn't change the fact that it's an incredibly generous one, since most of the current companies wouldn't exist at all without it.
In effect, WotC said "Here, everyone! Play with my toys."
And now, suddenly, it's "Big Brother" or "unprincipled" for WotC to say, "Well, we only want
some other companies to play with our toys"?
No. Uh-uh. I call bull excrement. There's nothing Big Brotherly, nothing unprincipled, nothing immoral about it. WotC is
still being far more open, and far more generous, with other companies than
anyone has any right to expect. To suggest otherwise is, IMO, an indefensible position.
I hope WotC's new license is broad enough to make the most number of people happy. But at the end of the day, if they want to dial it back, there's nothing wrong--in
any sense of the word--with them doing so.