I think it makes European football seem less important. I have BT and a basic (heavily discounted) Sky Sports subscription, but there's something different about matches that everyone can see. That one match a week free on terrestrial made it seem like a bigger deal, and the highlights kept the stories bubbling.
I hope it backfires on BT and UEFA. I hope it's pisses off the sponsors and leaves BT with no option other than to broadcast more matches/highlights free - proper matches, the big games, not just the leftovers - or to sell them (heavily discounted) to a proper channel.