What react ultimately opens up is a way to do immediate mode UI [1] on top of the DOM _efficiently_, which changes things pretty dramatically. It means we can start to treat the browser as just a renderer and get the infectious design decisions of the DOM out of our programs. If nothing else, this gives us freedom, but as david is suggesting, I think this also gives us an opportunity to treat UI much more directly than we currently are. If you want to know what the state of your UI is, you just have to read linearly down through the code that produces your tree. No nest of dependencies, no state hidden in the UI components, you could even get rid of event hierarchies if you wanted.
More important than anything else, this gives us a chance to dramatically simplify our model for UI and magically be even faster than we were before. Sounds like a win to me.