The more I think about this, the more interesting it becomes. If Hardy wins, then La Familia won't last too much longer: disillusioned, Chavo and Bam will probably turn face and trash Edge's wedding. Rather predictable and vaguely interesting, but...meh.
On the other hand, if Chavo wins, which I hope he does (but due to cheating), then life gets a bit more interesting, because La Familia's life-span is extended considerably. The Hardy/Edge feud can be rekindled (particularly intriguing if Jeff is moved via draft). Hawkins and Ryder can be pushed for the tag-team belts, and we get a genuinely dominant heel stable for the new arrivals SD will gain via the draft to feud with, and also for Taker to whup once he comes back. Now that's a whole sackload of storylines right there. It could keep Smackdown interesting for months with minimal effort.
In response to various others, no, Chavo's not great, but he's not awful, and he is watchable, and the whole point of his being part of La Familia is that he doesn't have to be a great wrestler to get titles. He has some pedigree, anyway, and the heat generated by being part of LF and cheating Matt out of the title would mean that his feuds should become more interesting. We hope...