It would be awful if Rogers buys MLSE because Rogers sucks.
It would be awful if Bell buys MLSE because Bell sucks.
Both companies have utter contempt for their customers, fuck around with pricing to no end (you negotiate a better price with them, then it slowly creeps back up with added fees, etc).
What sucks is that there would very likely be "exclusive" MLSE content to either Rogers or Bell customers - whichever wins out. The other possibility is a higher cost to things like Raptors
TV if you're a customer of the competitor.
As annoying as it is that some dickhead at the teacher's pension fund is holding up Colangelo's contract (and thus the future of the Raptors), I would forsee lots of problems if either of these giants bought MLSE.