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This is a good thing for Arizona and ASU. In the "Pac-11" setup, they could very well swap one of USC/UCLA/CAL/Washington for a poor Colorado team each year. Saddling them in a division with OU, Texas, OSU, Tech and A&M would have made for a much tougher road for a bowl game.
Overall, I think the Arizona schools are the big winners (along with Colorado) and the Pac-10 ended up fairly neutral. The biggest losers are probably OK St and Texas Tech - who probably lost close to $5 million a year by not going to the Pac 10.
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