This news has caused a considerable amount of consternation among a subset of pet owners that really pay attention to what they feed their pets. P&G doesn't really have a good reputation among this group anyway (animal testing) and among their pet food lines are Iams and Eukanuba. They're ok foods, but generally don't get a lot of respect from this group.
I'm still on the fence on this. Don't really have any beef against P&G, and I can't see them spending all that money to get into the high end pet food market just to turn it into crap. I'll definitely keep a closer eye on the dogs though.