If that happened everyone would just stick with the old version and tell Mojang-rosoft to f*ck itself. Just like open-source reveres engineered bukket server became the default Minecraft server for most servers the cracked client would become the default. As is many people run old versions already just to maintain compatibility with various mods already so its not that much of a stretch. I bought Minecraft specifically because they have Linux support, that would end if MS ever got their hand on it.
Not sure if you're aware what's been happening with that Bukkit server you cite. Turns out, Mojang AB secretly bought it two years ago when they hired away the lead developers. So Microsoft would own Bukkit, too. So it would have to be re-reverse engineered...
I agree... A Microsoft purchase would destroy Minecraft. Microsoft doesn't know how to do Java, or "open", or Mac/Playstation/iPad games... It would become just another banal property that gets milked for Microsoft Entertainment Division profit.
My older son literally burst into tears instantly when I was stupid enough to read the Verge headline out loud. He apparently shares my opinion...
No it would not have to be reverse engineered again as even though they now own it, it is still available and under the gpl v2. So that would be impossible for Microsoft to shutdown as it would be forked the next day and you can't retroactively re-licence someone else’s copy of gpl'ed software, remember GPL is viral and thats a good thing.