For Swatch group it's money in their pockets - I expect they will simply keep the money that they would have spent on this show for the most part. There are far more cost effective means of getting the word out about your products, like the emails I get from Omega that seem to come several times a week these days...
For BW I think this is to be expected really, and not because of the gouging that has been referred to, although I'm sure that's a small contributor. Basel has changed a lot in even just the last 10-15 years or so. What used to be an event that had zero leaks before the show (I recall some leaks on forums caused a huge controversy back then, as agreements not to show things before the show were violated) has turned into a show where pretty much every brand has shown the majority of their watches well before the show even starts. There are some exceptions of course, but many brands simply don't wait for the show anymore.
There was a time when I would stay up late waiting for the new models to start appearing, but these days the show goes by and I basically don't notice it - BW has been losing it's cachet for a long time in my view. I think one of the problems is also because so many brands are releasing their watches all at the same time, it's hard to get noticed for some. Everything these days is blogged and reviewed so much that the brands don't necessarily need the formal "watch press" to show people what they are making as much as they did in the past.
My thoughts anyway...