iOS devices just got cheaper!
Because a) this will be great for resale value and b) this will be great for usable life, so you don't have to buy a new device as often. TCO just dropped.
Another reminder that Apple makes their money by giving a good experience. Of course, decisions like this are forgotten while any time something legacy is lost, it's "pure greed"
And life just got simpler for people with limited needs and budget, for whom an older/slower device is "good enough." A bunch of iPad 1's were just granted eternal life!
I'd also really like this as a developer: knowing my work can keep serving more people longer, AND making it easier to focus on taking advantage of newer hardware--game graphics especially. (Just make sure to bug-fix an app before releasing a version with higher hardware requirements--but that's a practice good developers have always done.)