As far as I see it. Google will replace CJ. I don't think they'll enter the space of networks that have real account managers, customer service, grey area offers, and all the rest. If I were CJ, shareasale or linkshare I'd be concerned. But the copeac's, ads4dough's and cpaempires I don't think have anything to worry about.
Yeah I agree completely (and also laughed inside at your comment). As long as Google doesn't have affiliate managers who I can IM at any instant to up my commission, extremely good customer service (which I know for a fact adsense does not have), and unique offers with high payouts that are hard to come by, I can't see them replacing the smaller companies.
With their corporate connections and ad deals, though, it won't be hard at all for them to push CJ out of the picture. Which is probably good, CJ sucks ass. Blackhat wise, I also am not about to push traffic, track users, and generate money with the same company. That's a bit scary.