Cricket Cricket

If things pan out as planned, youngsters in India will get the opportunity to play with/against some of the world’s best cricketers
Overseas cricketers will get a better sense of playing conditions in India, which will help them when they tour India as part of their national teams (this won’t affect cricketers that have already retired or are close to retirement)
Infrastructure at grounds across the country will improve
It will give T20 cricket a well-defined structure in India and help identify talent

Cricketers may prefer the IPL to playing for their countries- more money for a much less strenuous schedule, something that is sure to appeal to a lot of cricketers in the 30+ age group.
The IPL format is only T20, and thus youngsters may not develop the temperament and skills needed to succeed in test matches. “Wham bang, thank you mam” techniques will never yield consistent results in test cricket.
Players’ privacy is already impacted as the whole world now knows who got how much. This could well affect players’ inter-personal interactions, which may cary forward when they play for their county/state/national teams.
There is also the larger question of whether this capitalist orgy in cricket will be the last nail in the coffin for other sports like hockey and soccer. Let the games begin!