Looks like this is meant to replace the Champions League, not the Premier. It would add at least 34 games if a18 team league plays home and away. I imagine the domestic cups would go and you will see players rested in games the clubs see are against easier opponents.
This will hit the local fans hard, especially the match going fans. However, in all honest its not going to affect me or fans like me all that much, what with me being 3000 miles away and watching every United game on home TV. Unless they go totally pay for view which will price a lot of overseas fans out of the market. The sad thing is that owners like the Glazers see the overseas markets as more lucrative than the local ones and will likely continue to push for a European Super League.