Great !
Everything stays the way it is, UK politicians keep crapping on "Brussels", the EU gets the blame for undermining democracy, and in five to ten years the next crop of Bullingdon hog knobbers uses a brexit referendum to play their power games.
Most of the responsibility for all this should (but isn't -- what a surprise) fall on Cameron, who nicely backed down from his own pledge. That said, i really doubt the actual referendum will be cancelled. At worst they will either
-have another referendum (a bit farcical)
-try to shoe-horn this into the general election to come (even more farcical)
Either way, it is not like the voters for Leave will just vanish into thin air. And you can't really be having a new vote just cause you don't like the result of the existent vote. That is the "you can vote, and if you don't vote our way you can keep voting until you get it right".
That said, it nicely shows just how fragile the political life is in other countries as well. And if such a thing was to happen in Germany, they would have been split into their roughly 200 tied states by now (and/or elect a person with a square mustache


Still, i do wonder how this will end for Britain. We will find out sooner or later.