This debate is highlighting one very important thing. How poor most people's perception of risk really is. The likelihood of sustaining an injury like the one that Phil Hughes sustained is roughly 1 in 10 million. Yes, that's on a par with winning the lottery. It's really that low.
The likelihood of actually sustaining serious damage playing cricket is also extremely low, and you participate knowing that you are having a cricket ball chucked at you, hit in your direction and generally that there is an element of getting injured possible. When you participate in any sport that either involves physical contact or throwing things at each other you know there is always a possibility that you will get hurt. It's actually a part of what makes it attractive to many people.
When I was 20, the fellow opening bowler on my team bounced a guy who didn't play it well. It hit his ear. He collapsed and was taken off in an ambulance. He was in hospital for 2 months and died of a brain haemorrhage. He wasn't wearing a lid and it would have saved his life. He was 18. I have bounced people and caused broken noses because they haven't played it well enough, and weren't wearing helmets. In playing cricket for 25 years I have damaged people like this three times. I have bowled a lot of bouncers. I have never seen anyone else hit in the head and die from their injuries. These things happen in amateur cricket too.
The reality is that in test matches, ODIs and T20s, the bouncer won't disappear. The crowd will react slightly differently, treating the bowler as a pantomime villain, but they want to see fast, aggressive bowling. It's part of what brings people to the game. Much like motorsport, where there are crashes and deaths, but they are what everyone watches over and over on YouTube. People go to watch something vaguely dangerous because that's what they want to see. In many respects it's like watching roman gladiators.
This will have next to no impact on the types of delivery bowled by bowlers - they are already limited by the rules as to how frequently they can intimidate the batsman. It will just add a little bit more of a reminder into the batsman that maybe swaying is better than playing.