That's just the disaster. And the end of W3C standard development process. AFAIR it should be 3 independent implementations of the feature in order for Draft to reach Recommendation status. So technically all that means that web standards will be written by WebKit team alone. Sic transit Gloria mundi, sigh.
or, webkit will become the equivalent of linux for browsers. Considering that there will be less incompatibilities , it's a good thing. The hope is that competition for users will lead to innovations that benefit them, and not wall them off from competing platforms.