Well, the only problem about indexing only comes on beginners since they are having a hard time in indexing their sites.
To me its good still many of the gurus facing problem of indexing , on this forum top of the list is the thread by Guru that Google stop indexing his site. but on the other hand blogs importance will increase even on sites which don't have to do with technical writing they have to made blog page in thier sites.
I think that there could be a lot more competition out there though which would be a bad thing! Would make it harder to rank for even simple keywords I think.
I already noticed this last month, when I'm trying to see the meta description for a single post. That's when my article have just posted then I already saw it on the google page results.
The faster indexing is a result of Google's new Caffeine update. This was a major indexing infrastructure update that allows Google to continuously feeding new pages and updates into the index. If you are not creating fresh content pages to help feed the GoogleMonster, you will miss out on some great traffic and ranking.