At UFC 74, Josh Koscheck lost a tough decision to Georges St. Pierre. St. Pierre was the clear winner, but Koscheck put in the most competitive performance against GSP during St. Pierre's recent streak. According to Dave Meltzer, he was just two wins away from getting a rematch. His shocking loss created a situation in which there are no clear contenders for St. Pierre's title after Thiago Alves.
Perhaps the biggest winner coming out of last night was Carlos Condit, who now only needs a few wins to be the number one contender. Even then, Condit is not much of a challenge for GSP at this point.
If GSP beats Alves, the welterweight division will rapidly start to resemble the middleweight division, a division with a champion seen as so dominant that his fights are greeted with growing disinterest. I believe Koscheck's loss made a St. Pierre vs. Anderson Silva fight a lot more likely, assuming Anderson is able to get by his next few opponents.