What I believe is that free speech is important, and when companies wave a big red flag that they don't value it, there need to be some consequences.
As for what i'm giving up ... on a personal level, I haven't shopped at Amazon for quite a while (because of one-click patent, privacy issues, and their support for DRM). I had been considering of publishing something on CreateSpace and now will have to find some other options. I give up convenience, time, and occasionally some money. Then again I get to support independent book stores and sometimes buy directly from publishers who value free speech and privacy, so for me it's a big win.
Professionally, I'll use somebody else for future projects. Obviously, this'll give up the "one-stop shopping" for high quality services and some best-in-class options. On the other hand, at this point it seems extremely risky to me to host anything that involves potentially-controversial content on Amazon, so I don't really see a lot of options there.
I do agree that when you're deeply tied into the Amazon environment it's not an overnight change to get out of it. Still, I don't see that as an argument for not taking any action.