I didn't like FPH or particularly agree with what they're doing, but this is going to cause an immense shitstorm and may not help reddit overall. I think FPH sentiment is only going to be stronger now in other subreddits as these people spill over. /r/fatlogic is likely to get a huge influx of people flocking back there and moving the tone closer to FPH. In the end, some subreddit will end up as FPH's spiritual successor like /r/candidfashionpolice is to creepshots.

Before that point though, FPH and calls of reddit censorship are going to dominate /r/all, many of these posts will be removed for breaking subreddit rules and that will fan the flame further. The admins might then try to clear things up in another post discussing their decision but it will invariably lead to more confusion and admin-hate due to poor execution. Eventually the dust will clear but like I said, FPH will just move to another subreddit.