I have been silently watching the proceedings since the shutdown and am curious as to see what the results of the meetings between the Nostralrius staff and Blizzard turns into, and there are a few scenarios that I think are reasonable:
1) Blizzard Licenses Legacy IP to Nostralrius - I think this is the #1 option for most people here. Assuming the Nostralrius team can figure out how to pay for it (would you pay for a subscription to Nost?) then it would allow the servers to come back the way they were and all of the database/characters to be restored. And most importantly, they would be protected from being shut down in the future and it could be a "permanent" solution.
2) Blizzard Agrees to Legacy Servers As A Separate WoW Product - There are a lot of rumors out there as to the state of the source code from the final builds of each Legacy version (Vanilla, TBC, WotLK, Cata, etc) and why they just can't take them out of the source code vault and stand up the new servers. Instead, Blizzard has indicated that it is hard for them to do. My personal opinion is that they have all of the code to make it work, but some of it may not be compatible with the current Blizzard hardware infrastructure and it definitely would not be compatible with the current Battle Net configuration that has evolved quite a bit since Vanilla - where all of the games & accounts are linked/launched from the same Battle Net Launcher.
Therefore, this option would mean that Blizzard would setup Legacy Servers using the original code from each of the releases - progression or just plain final - so that it would be "100% blizzlike" but that it would be connected through the current Battle Net and infrastructure. Essentially, they would use the original launchers/patchers that they were using in each Legacy period (as a separate product) and they can buy compatible hardware infrastructure to support it. Obviously this option would have to have a subscription and it would be separate from the WoW subscription. And they would certainly start with fresh servers, no using of Nostralrius character data.
3) Blizzard Hires Nostalrius Staff to Run/Maintain Legacy Servers - Essentially the only difference between this option and #1 is that the Nost Staff would not be independent contractors - rather they would work for Blizzard themselves. This would also mean that any decisions would be controlled by the corporation and not the independent decisions of the Nost team - essentially they will work for "The Man". As a result, the server(s) could be shut down at any time because of corporate demands, and/or the server could be tweaked/changed to meet Blizzard's wishes. It would be unclear in this model whether or not the Nostralrius database would be preserved or whether it would be a fresh "Blizzard" server.
4) Blizzard Says - Thanks for Playing! Essentially, they give all of us and the petition a big middle finger and nothing productive comes out of it.
Personally, I think that is the order in which I would like to see things go...with an official IP license being granted as the top choice...and the big middle finger being the worst choice. However, if I were placing odds, the order would be #1, #4, #3, and #2.
Anyway, these are just my $0.02 opinions. Let's see what happens in the next couple of days/weeks.