Advisory opinion of the International Court of Justice (ICJ) is essentially political. It is in line with the position of the western governments supporting the terrorist KLA/UCK from at least 1998. In fact, the view that the international law does not touch upon the declarations of independence, was in circulation by diplomatic representatives of a number of western countries, particularly USA and Great Britain, long before ICJ advisory opinion was made public. 
During the NATO aggression in 1999. KLA/UCK acted as a ground force of NATO. When the Albanians proclaimed unilateral secession in March 2008, NATO member countries were among the first to recognize this illegal act. Today, those countries are establishing Kosovo's army composed of the KLA/UCK elements. At the same time they are blackmailing Serbia to enter a deal - to recognize Kosovo in exchange for membership in the EU.
From legal point of view, ICJ did not even touch the essential question - whether unilateral secession of the national minority from a sovereign state is in accordance with the international law, or not? 
It should be noted that Albanian nation has its own state - Albania. Therefore, Albanians in Serbia, i.e. in Kosovo and Metohija, are national minority within Serbia. According to the international law, the right to self-determination, including own state, belongs only to nations, not to the national minorities. On the same line, Serbia as a sovereign state has internationally recognized borders, which includes Kosovo and Metohija, and according to the Helsinki Final act those borders must not be changed unilaterally, without consent of Serbia.
Finally, unilateral secession of Kosovo and Metohija represents a blatant violation of not only principals of UN Charter, but very concrete provisions of UN Security Council resolution 1244 (1999)guaranteeing sovergnity and territorial integrity of Serbia.

As for the implications of unilateral secession of Kosovo and Metohija they are visible and felt, in several directions.

Undermining the role of UN system and particularly the role of the UN Security Council is the first one. Unilateral secession was conducted in collision with the UN SC decision, while the Province was under UN SC mandate and without consent of that organ. 
Unilateral secession of Kosovo and Metohija, which was preceded by 1999 NATO aggression against Serbia made the whole region unstable for unforeseeable period hindering development of many countries. "soft stomach" of Europe continues to be unstable. Kosovo hot potato produced primarely by USA, with significant contribution of Great Britain and Germany (!) will be burning the hands of EU for years if not decades to come. For many reasons EU would certainly be better off without rather then with „independent Kosovo“. Appart from the fact that the Province is „hole without botom“ as far as financial requirements are concerned, it is a safe heaven and a jumping board for islamic extremists and variety of bossess of organized crimes whose real aim is to cover EU member countries. 
Unilateral secession of Kosovo and Metohija has further weakened Serbia and will remain an extremely heavy burden from security, economy and moral point of view. In fact, Serbia will be internally even more unstable from now on then before unilateral seccession was announced in Pristina. Other separatist tendencies in Serbia have grown since then, government rating is falling down, social and political tensions growing. Having regard Serbia’s potentials and geostrategic position, its instability would certainly affect situation in the region. Serbia has also weakened its international reputation after abondoning its own draft resolution at the UN General Assembley on the advisory oppinion of International Court of Justice and last minute accepting EU/USA dictated text which does not refer to unacceptability of unilateral secession neither to the UN SC resolution 1244 (1999) guaranteering sovernty and territorial integriti of Serbia. These negative effects to Serbia’s state interests, stability and reputation could hardly be compensated by „carrots“ from any side.   

Recently, Albanian representatives from Kosovo and Metohija, from southern districts in Serbia (Presevo, Bujanovac and Medvedja), Macedonia, Albania, Greece and Montenegro gathered in Tirana from where they publicaly demanded establishment of "natural Albania", meaning "Greater Albania". This was repetadly preceded by declarations of the high government representatives of Albania, including Albanian Prime minister, that all Albanians have the right to unite. This is nothing less than asking for further redrawing of the international borders, i.e. for further violations of the Helsinki Final Act and UN Charter.
William Worker former USA ambassador and former Head of OSCE mission in Kosovo and Metohija (september 1998 to March 1999), who in fact was responsible for preparing the ground for the start of NATO aggression, declared after Tirana gathering that Albanians outside of Albania have the right to unite with Albania.
Implications include also, that 11 years after, about 220.000 of Serbs and other non Albanians displaced from the Province still are not permited to return to their homes. They live in miserable conditions various places in Serbia which has a burden of another 300.000 refugees who are not allowed to return to Croatia after being in refuge for 15 years. 

Whether the case of Kosovo and Metohija had encouraged proclamations of independence of Abhazia and South Osetnia, may be disputable. But there is no doubt that illegal, unilateral secession of Kosovo and Metohija from Serbia and its subsequent recognition by major western countries, has been and will serve as a precedent. Like it, or not. "unicality of the case of Kosovo" as claimed by USA, Britain and some other countries, has been a baseless pretention which had some temporary tactical role in preparing the public before and immediately after declaration of unilateral secession. Now, nobody mentions it.   
There are and there will be many "Kosovo cases" in Europe, Asia, Africa, Latin America. The devil got out of the bottle.