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My observations as an employment lawyer:
1. political dynamite, temporarily. Not so strong though to need the PM's return from holiday. Hundreds of thousands of refunds due since fees came in almost exactly four years ago.
2. Hard to see any return for fees. Current government couldn't get it thru. If the tories increase their majority on the next election, it's hard to see what lawful, limited fee structure could be fixed and what the benefit would be. Another complicated project for the government to work through on top of Brexit.
3. An increase in law firm recruitment of NQ employment lawyers.
4. Real world access to justice will remain unaffordable for many. Whereas you don't need legal representation to access an ET, in most cases legal advice and representation is essential and a serious disadvantage without it. £390 and £1200 fees are dwarfed by the costs of legal representation to take a case to hearing, ranging from £5000-£20,000 upwards. Which is why, unless they are in a union, have legal expense insurance or are in the lucky fraction of people to obtain pro bono help from a law centre, unfortunately, so many claimants are unrepresented (and small employers too). But this is a good day nonetheless.