Brendan Jennings is skipping college and going to Italy straight out of high school as well. I think you'll see a lot of mid-level players going to Europe - there's already a good number of low-level players who could be playing in the NBA for low/minimum contracts making more playing overseas. Now mid-level players will be able to make more playing overseas as well.
I think the NBA will still be able to pay the most for top level guys for a while, though. I'm going to get worried when LeBron goes to Europe.