The Saudi's have enough money set aside so they can sell cheap oil for a little while, but not for years and years. So, whatever their strategy, it'll have to play out relatively quickly.
For the US industry, I don't think a short shake out period is a bad thing. Let housing construction etc catch up a little, and get the wage structure in the oil fields under control a little.
For players like Russia, Iran and Venezuela, $69 a barrel oil is a budget revenue disaster, and more than a year or so could start toppling governments. It stands to reason that this is the ultimate goal of the Saudi's: put enormous pressures on the Shia's.
None of all that seems like an entirely bad thing to me.
