A few months ago, I would have told you that being accepted to such a storied journal is probably one of the most unique feelings one can have to a literary journal. Now I'm pretty sure the most unique feeling one can have towards such a reputable journal is being accepted and then de-accepted a year later. The level of mistrust and even betrayal I would harbor in my sinking heart would be unreal. In fact, the lack of respect these editors have for—I'm going to go on a sturdy limb here—talented writers boils my blood almost enough to not want to submit work there under this editorship. This, though, doesn't mean anything to anybody that isn't me.
Which brings me to my point: this is not going to hurt The Paris Review, despicable as the act of rescinding may be. They will continue to ride on their top-tiered reputation and this unsavory exposure will most likely fade. Unless The Paris Review, under Lorin Stein's editorial eye, begins to considerably fall down some notches in prestige and innovation. Even then though, the elite name will keep the journal afloat for some time before the readership is seriously injured as a result. It may even create an even larger readership with the recent controversy. Chances are, the writers who have been victim to the superseding will be more than just fine.