Well the newspapers and news magazines would still have quite the lucrative business without having to compete against the emerging dominance of the net. Not to mention that people would have a little bit more privacy, nobody trying to put up embarrasing footage of others on the internet, cept maybe on America's Funniest Home Videos.
So Britany would probably be alot more sane in this world.
There'd be no bloggers, so I fail to see this as a bad thing.
Everyone would have to, gasp, go to those mom and pop video stores to get all their porn!!!!

*shock*
There wouldn't have been such a big stink about shared music, cept maybe for burned cd's, but you'd still have to have someone buying the music cds, dvds, etc. to allow those TO be burned in the first place. So the millionaire music stars wouldn't be whining about that. Not to mention it'd all have to be in close circles in various neighborhoods, so there wouldn't be THAT big of a problem in the end.
Politics would probably be a tad bit cleaner and a wee bit more civilized.

But not by much.
A more negative side effect would have to be on up and coming music groups. With no websites, or youtubes, or what have ya, to put up their music, give out dates of events, etc. they'd be almost forever destined to working in clubs, and trying in vain (at times) to get anything of theirs played on radio stations. It'd basically be much more of an uphill battle for them than it already is.
Course one could say that for alotta people, be it artists, game makers, etc. trying to attract attention to their work.
They'd have to actually concentrate more on the single player aspect of alotta video games!!! Gasp!!! what would the world be like without multiplayer games?!!?!?!?
Alot of these little communities (like this one for example) wouldn't exist, we'd be all back to the way we were before the net became so prevelant, having very little outlets to share in our interests. Cept for maybe books, comic books, video games, etc.
Though to be realistic, we'd all probably have alotta extra cash laying about to use on other things besides net and computer stuffs. o.o;;
so yeah, the good with the bad.