Every damn article posted on Slashdot about privatization of space has been packed with complaints that this is the end of the world. It's really not. God willing, it may be the start of a new one.
NASA was pursuing a completely impossible architecture. Ares was underfunded and unable to be effectively used until 2017 at the latest. By forcing NASA to buy services from private corporations we can develop our domestic launch infrastructure as opposed to keeping it under government control.
And yes, I said BUY! This is not cost-plus contracting, which defense contractors famously use to rip us off every chance they get. This is a straight purchase of services, cash for deliveries and milestones met. In other words, actual free-market capitalism.
As for those claiming that we should have blown our cash on another Apollo-like shot: what cash? Obama is not a dictator, he's a President. His budget requests have to be approved by Congress which would have balked at any substantial increase in spending on space exploration. Not to mention that we tried Apollo and it was nowhere near substainable. Development of regular deliveries to orbital space by private companies - that's sustainable. That's what will provide us with the groundwork to move beyond earth orbit and lower the cost to orbit to the point where we can actually do something.