I think this is going to be good for home brewing!
While I love the conspiracy theories, it's really just another way to make a buck, with In/Bev recognizing that beer and home brewing is an example of the "Long Tail". Google it if haven't heard of the concept.
Basically, it's recognition that tastes in beer are infinitely different and that brew on demand, at home is the way to satisfy a piece of the market that they can not capture any other way. Low capital and inventory costs with online channel to market is the only way to make the long tail viable.
A close analogy is Amazon, ebook and print on demand. Book stores, remember those?, had expensive and finite shelf space, enabling them to stock only the most popular titles. Amazon moved inventory to a warehouse, much lower in cost, where they could afford to stock more titles, titles previously unavailable to consumers that could be shipped directly
Substitue In BEV for Amazon, liquor store for book store and beer for book in the above paragraph to get a sense for what they are doing with the NB purchase.
With the NB purchase, IN BEV is still selling malt, yeast and hops, which is their core business. What is different is that they sell it in a form that enables customers who thrive on the "tail" to assemble the beers of their choosing.
And as the theory goes, once the tail is established, it only grows as technology makes it increasingly easier and lower cost for more to partipate. When I think about the zymatics and picobrew systems, they seem to me to be a step in that direction. They will only get simpler and lower cost in time, drawing more people in, enabling the sale of more kits. I could imagine a point in time, where it's much like inkjet printing, take a lost on the hardware, and make money on the consumables.
In BEV buying NB will increase the number of homebrewers, More people homebrewing is good for homebrewing. That said, it may not going be pretty for LHBS, other online retailers, nor the hardware manufacturers if they excercise their clout like other giants do.