I think this is fucking great. Couldn't care less who it is, but another club with limitless funds (FFP aside) is great for the league. We aren't going anywhere and it will further disrupt the traditional arrogant wanker clubs like united, arsenal, Liverpool (they won't sustain their current run. The owners aren't invested enough and the bubble will burst), spurs, etc.
Sure, Newcastle will likely become a rival and the animosity may reach Liverpool levels, but I'd rather a 7-8 way fight for the league than 2-3 and it'll knock a big player or two out of the champions League if they get their shit together.
Plus, it's likely to take some of the scrutiny away from us. I'm actually quite looking forward to seeing who they buy initially to mirror our initial buys of robinho, bridge, de Jong, given, Bellamy, and then the summer incomings of Barry (most underrated one), tevez, Santa Cruz (lol), adebayor, etc.