I think this will pretty substantively impact Snapchat's moderate to less prolific users. Most people don't NEED their pictures to self-destruct, they weren't that embarrassing in the first place. This however, allows for more fun engagement after the initial picture sending and once users get a feel for that, people would opt for this I believe.

I agree, I think it will, at least somewhat, impact snapchat because the products are similar.

I'm sure that was the aim here, to create a product that took inspiration from snapchat. Given that it's one of the most popular apps out there with an insane amount of users, and we know that facebook already tried to buy it. I'm sure they didn't want to copy it outright, but if they can integrate some of it's features into their existing products, they may be able to steal some users.