As a PvE feral druid, I'm fine with it so far. Played about ~15 hours of Alpha already and not once have I thought "Damn where is X skill?" Apart from flight form which has been merged into a travel form type macro anyway.
I can see this effecting pvp, but in pve, nah, the only 2 I regularlly use in PvE are bark skin and Might of Ursoc, but given the Survival instincts buff, it's more then enough to compensate the loss.