The first would be result in a mixture of shock and awe. Sonic is one of the greatest mascots in video gaming history. The idea that he could return to his former glory makes my inner child happy. It would be a dark day for Sega itself to be swallowed by its old rival though.
The second would be unhappiness. High Voltage is not a great dev house. The Conduit may well flop hard and by hard I mean Lair hard. Anyone looking to gobble them up is taking a high risk and with the massive hype its gotten, the anti-hype (people disappointed in it not hitting unreasonable expectations) will be huge. For some reason, people are dumb enough to think that HV is some great awesome studio thanks to a mere tech demo. I think I'll wait till they make a quality game before making that judgment myself.
