I want to believe we might have more of a chance at seeing a Mayweather v. Pacquiao fight now than we did before.
Look, honestly, the rationale that Mayweather was scared of Pacquiao was always junk, an assumption made by people who don't really know much about the subject matter. The idea that Pacquiao was unstoppable was a media creation. People in boxing knew that a lot of his wins were close, that he struggled in some areas of his game, and that he often took a lot of damage. Besides that, there is no one more confident than Mayweather. The guy truly believes he is the best.
The issue, as far as I can see, is that Mayweather was pissed off that people thought of Pacquiao as being on even ground with him. It wasn't fear that stood in the way of a fight, it was pride. The only way Mayweather was going to accept a fight is if he took a significantly higher percentage of the pay-out than Pacquiao, as that would prove that he was the undisputed top dog.
If negotiations came up now, there is no way Pacquiao would have as much leverage. You have to assume that his take would be much lower than Mayweather's--though, obviously, Pacquiao is very prideful himself and might not agree to that.
At the level these guys are at, it's less about money than it is about their perception of respect. Kind of like a football player getting angry and holding out, not because of a couple million dollars, but because his team's offer doesn't make him the "highest paid at his position."